HudBay Minerals (NYSE:HBM) Shares Gap Down – Here’s Why

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) shares gapped down before the market opened on Thursday . The stock had previously closed at $28.82, but opened at $26.59. HudBay Minerals shares last traded at $26.5340, with a volume of 629,037 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, July 30th. Barclays raised their price objective on shares of HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Wednesday, July 15th. Bank of America cut their target price on shares of HudBay Minerals from $33.50 to $29.50 and set a “buy” rating for the company in a research report on Thursday, July 9th. Weiss Ratings downgraded HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 13th. Finally, Wall Street Zen lowered HudBay Minerals from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, HudBay Minerals currently has a consensus rating of “Moderate Buy” and a consensus target price of $31.33.

HudBay Minerals Trading Down 7.6%

The company has a market cap of $11.83 billion, a PE ratio of 15.63, a PEG ratio of 0.46 and a beta of 1.54. The company has a current ratio of 2.24, a quick ratio of 1.93 and a debt-to-equity ratio of 0.17. The stock has a 50 day moving average price of $25.24 and a 200 day moving average price of $24.73.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings results on Wednesday, July 29th. The mining company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The firm had revenue of $631.30 million for the quarter, compared to analysts’ expectations of $632.43 million. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%.The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.19 EPS. Sell-side analysts predict that HudBay Minerals Inc will post 1.51 EPS for the current fiscal year.

HudBay Minerals Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 8th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, September 8th. HudBay Minerals’s dividend payout ratio is currently 1.76%.

Hedge Funds Weigh In On HudBay Minerals

Several large investors have recently modified their holdings of the stock. Rakuten Securities Inc. bought a new position in HudBay Minerals in the 2nd quarter worth about $28,000. Allworth Financial LP increased its position in shares of HudBay Minerals by 107.9% during the third quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock valued at $30,000 after acquiring an additional 1,033 shares in the last quarter. Fiduciary Financial Advisors purchased a new position in HudBay Minerals in the 2nd quarter worth approximately $32,000. Integrated Wealth Concepts LLC bought a new position in HudBay Minerals in the 2nd quarter valued at approximately $36,000. Finally, EFG International AG purchased a new stake in HudBay Minerals during the 2nd quarter valued at $38,000. Hedge funds and other institutional investors own 57.82% of the company’s stock.

About HudBay Minerals

Hudbay Minerals Inc is a Canadian mining company focused primarily on the exploration, development and operation of copper assets. The company also produces gold, zinc, silver and molybdenum as byproducts or additional products from its mining operations.

Hudbay operates the Constancia open-pit copper-molybdenum mine in southern Peru, along with the nearby Pampacancha satellite deposit. In Manitoba, Canada, the company operates the Lalor polymetallic mine and the Snow Lake processing facilities, which produce copper, zinc, gold and silver.