HudBay Minerals (NYSE:HBM) Trading Down 7% – Here’s Why

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM)’s stock price fell 7% during trading on Wednesday . The stock traded as low as $20.14 and last traded at $20.0320. Approximately 1,196,592 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 5,922,818 shares. The stock had previously closed at $21.55.

Analysts Set New Price Targets

Several research firms recently weighed in on HBM. Barclays assumed coverage on HudBay Minerals in a research report on Thursday, May 21st. They set an “overweight” rating and a $30.00 target price on the stock. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Scotiabank reissued an “outperform” rating on shares of HudBay Minerals in a report on Thursday, June 25th. Wall Street Zen upgraded shares of HudBay Minerals from a “hold” rating to a “buy” rating in a research report on Saturday, May 2nd. Finally, Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, HudBay Minerals currently has a consensus rating of “Moderate Buy” and an average price target of $27.33.

HudBay Minerals Trading Down 5.1%

The stock has a market cap of $9.08 billion, a PE ratio of 12.33, a PEG ratio of 0.27 and a beta of 1.48. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.20 and a current ratio of 1.36. The stock has a fifty day moving average price of $25.62 and a 200 day moving average price of $23.95.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.06. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The company had revenue of $757.30 million for the quarter, compared to analyst estimates of $684.73 million. During the same quarter in the prior year, the firm posted $0.24 EPS. HudBay Minerals’s quarterly revenue was up 27.3% compared to the same quarter last year. Equities analysts expect that HudBay Minerals Inc will post 1.64 EPS for the current year.

HudBay Minerals Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Tuesday, June 9th were issued a dividend of $0.01 per share. The ex-dividend date was Tuesday, June 9th. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. HudBay Minerals’s dividend payout ratio (DPR) is presently 1.81%.

Institutional Trading of HudBay Minerals

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Nova Scotia raised its holdings in shares of HudBay Minerals by 662.0% in the 3rd quarter. Bank of Nova Scotia now owns 4,273,384 shares of the mining company’s stock valued at $64,783,000 after buying an additional 3,712,572 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in HudBay Minerals by 10.4% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,502,218 shares of the mining company’s stock worth $159,111,000 after buying an additional 986,278 shares during the last quarter. Affinity Wealth Management LLC purchased a new position in HudBay Minerals in the fourth quarter valued at approximately $3,857,000. Artemis Investment Management LLP raised its stake in HudBay Minerals by 15.6% during the 4th quarter. Artemis Investment Management LLP now owns 5,709,453 shares of the mining company’s stock worth $113,355,000 after acquiring an additional 770,172 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of HudBay Minerals by 3.2% during the third quarter. Dimensional Fund Advisors LP now owns 11,334,474 shares of the mining company’s stock worth $171,832,000 after purchasing an additional 348,278 shares in the last quarter. 57.82% of the stock is currently owned by institutional investors.

About HudBay Minerals

HudBay Minerals Inc is a Canada-based mining company engaged in the exploration, development and production of base and precious metals. Its primary products include copper, zinc, gold and silver concentrates, which are sold to smelters and refiners worldwide. The company’s operations span multiple stages of the mining cycle, from resource definition and feasibility studies to mine construction, extraction and reclamation.

The company traces its roots back to 1927, when it was established as Hudson Bay Mining & Smelting Co Limited.