HudBay Minerals (NYSE:HBM) Price Target Lowered to $29.50 at Bank of America

HudBay Minerals (NYSE:HBM) (TSE:HBM) had its price target decreased by Bank of America from $33.50 to $29.50 in a report released on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the mining company’s stock. Bank of America‘s price target points to a potential upside of 43.10% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Barclays assumed coverage on HudBay Minerals in a report on Thursday, May 21st. They issued an “overweight” rating and a $30.00 target price on the stock. Wall Street Zen raised shares of HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded shares of HudBay Minerals from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 29th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of HudBay Minerals in a research note on Tuesday, April 21st. Finally, Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a report on Thursday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.67.

HudBay Minerals Price Performance

HBM stock opened at $20.61 on Thursday. The company has a market capitalization of $9.16 billion, a P/E ratio of 12.42, a PEG ratio of 0.25 and a beta of 1.48. The company has a fifty day moving average price of $25.54 and a 200-day moving average price of $23.96. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.20 and a current ratio of 1.36. HudBay Minerals has a 52-week low of $8.93 and a 52-week high of $32.15.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings data on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.06. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The business had revenue of $757.30 million during the quarter, compared to the consensus estimate of $684.73 million. During the same period in the prior year, the business posted $0.24 earnings per share. HudBay Minerals’s quarterly revenue was up 27.3% on a year-over-year basis. As a group, equities analysts expect that HudBay Minerals will post 1.63 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its position in shares of HudBay Minerals by 131.6% during the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock worth $50,000 after purchasing an additional 3,733 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in HudBay Minerals by 144.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock worth $55,264,000 after buying an additional 4,299,428 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in HudBay Minerals by 6.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company’s stock worth $3,337,000 after buying an additional 27,944 shares during the period. Geode Capital Management LLC raised its stake in HudBay Minerals by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 221,685 shares of the mining company’s stock worth $2,363,000 after buying an additional 15,235 shares during the period. Finally, Creative Planning boosted its holdings in HudBay Minerals by 5.4% in the second quarter. Creative Planning now owns 25,067 shares of the mining company’s stock worth $266,000 after acquiring an additional 1,289 shares in the last quarter. 57.82% of the stock is owned by institutional investors.

HudBay Minerals Company Profile

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.