Scotiabank reaffirmed their outperform rating on shares of HudBay Minerals Inc. (NYSE:HBM) (TSE:HBM) in a research note released on Thursday. They currently have a $8.75 price target on the mining company’s stock, up from their previous price target of $7.75.

Other analysts have also issued research reports about the company. National Bank Financial reissued a sector perform rating and issued a $9.00 target price (up previously from $7.00) on shares of HudBay Minerals in a research report on Thursday. Barclays PLC reissued an underweight rating on shares of HudBay Minerals in a research report on Wednesday, August 3rd. RBC Capital Markets reaffirmed an outperform rating on shares of HudBay Minerals in a research report on Thursday. BMO Capital Markets lowered HudBay Minerals from an outperform rating to a market perform rating and set a $7.50 price objective on the stock. in a research report on Tuesday, August 2nd. They noted that the move was a valuation call. Finally, TD Securities reaffirmed a hold rating and set a $7.50 price objective on shares of HudBay Minerals in a research report on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $7.62.

Analyst Recommendations for HudBay Minerals (NYSE:HBM)

Shares of HudBay Minerals (NYSE:HBM) opened at 6.85 on Thursday. The firm’s 50-day moving average price is $4.68 and its 200-day moving average price is $4.51. The firm’s market cap is $1.62 billion. HudBay Minerals has a 12 month low of $1.56 and a 12 month high of $6.90.

HudBay Minerals (NYSE:HBM) last announced its earnings results on Thursday, November 3rd. The mining company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.09. The company had revenue of $311.40 million for the quarter, compared to analyst estimates of $268.89 million. HudBay Minerals had a positive return on equity of 1.04% and a negative net margin of 21.19%. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.05) earnings per share. Analysts expect that HudBay Minerals will post $0.09 earnings per share for the current year.

A number of institutional investors have recently added to or reduced their stakes in HBM. Letko Brosseau & Associates Inc. increased its position in HudBay Minerals by 0.5% in the second quarter. Letko Brosseau & Associates Inc. now owns 25,998,894 shares of the mining company’s stock valued at $123,309,000 after buying an additional 124,550 shares in the last quarter. Capital Research Global Investors increased its position in HudBay Minerals by 11.2% in the second quarter. Capital Research Global Investors now owns 11,100,000 shares of the mining company’s stock valued at $53,011,000 after buying an additional 1,115,000 shares in the last quarter. CIBC Asset Management Inc increased its position in HudBay Minerals by 5.5% in the third quarter. CIBC Asset Management Inc now owns 7,172,795 shares of the mining company’s stock valued at $28,394,000 after buying an additional 371,436 shares in the last quarter. Vanguard Group Inc. increased its position in HudBay Minerals by 19.9% in the second quarter. Vanguard Group Inc. now owns 4,322,023 shares of the mining company’s stock valued at $20,659,000 after buying an additional 718,315 shares in the last quarter. Finally, Greystone Managed Investments Inc. bought a new position in HudBay Minerals during the second quarter valued at about $5,986,000. Institutional investors own 73.13% of the company’s stock.

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About HudBay Minerals

HudBay Minerals Inc is a Canada-based mining company. The Company is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. The Company is focused on the discovery, production and marketing of base and precious metals. The Company has assets in North and South America.

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