Hudbay Minerals (NYSE:HBM) Sets New 1-Year High – Time to Buy?

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s share price hit a new 52-week high on Monday . The stock traded as high as $10.02 and last traded at $9.92, with a volume of 1105397 shares changing hands. The stock had previously closed at $9.69.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on HBM shares. Desjardins assumed coverage on Hudbay Minerals in a research note on Friday, April 4th. They issued a “buy” rating for the company. Stifel Canada upgraded shares of Hudbay Minerals to a “strong-buy” rating in a research report on Wednesday, March 19th. BMO Capital Markets assumed coverage on shares of Hudbay Minerals in a research note on Wednesday, April 16th. They issued an “outperform” rating for the company. Wall Street Zen upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Scotiabank restated an “outperform” rating on shares of Hudbay Minerals in a research report on Tuesday, May 13th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $14.00.

Hudbay Minerals Stock Up 3.4%

The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.47 and a current ratio of 1.86. The stock’s fifty day simple moving average is $8.08 and its two-hundred day simple moving average is $8.16. The company has a market capitalization of $3.96 billion, a price-to-earnings ratio of 55.64 and a beta of 1.60.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings results on Monday, May 12th. The mining company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.14. Hudbay Minerals had a return on equity of 7.29% and a net margin of 3.80%. The firm had revenue of $594.90 million for the quarter, compared to analysts’ expectations of $537.36 million. During the same quarter last year, the business posted $0.22 EPS. Hudbay Minerals’s revenue was up 13.3% on a year-over-year basis. On average, sell-side analysts anticipate that Hudbay Minerals Inc. will post 0.79 EPS for the current year.

Institutional Investors Weigh In On Hudbay Minerals

Several hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC grew its position in Hudbay Minerals by 9,877.4% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,093 shares of the mining company’s stock worth $25,000 after purchasing an additional 3,062 shares in the last quarter. SBI Securities Co. Ltd. lifted its holdings in shares of Hudbay Minerals by 64.6% in the first quarter. SBI Securities Co. Ltd. now owns 3,773 shares of the mining company’s stock valued at $29,000 after purchasing an additional 1,481 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Hudbay Minerals in the first quarter worth $33,000. Jones Financial Companies Lllp grew its holdings in shares of Hudbay Minerals by 131.6% during the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock valued at $50,000 after buying an additional 3,733 shares in the last quarter. Finally, Algert Global LLC purchased a new position in shares of Hudbay Minerals during the fourth quarter valued at $86,000. Hedge funds and other institutional investors own 57.82% of the company’s stock.

Hudbay Minerals Company Profile

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.