HudBay Minerals (NYSE:HBM) Stock Price Down 7.4% – Here’s Why

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM)’s stock price dropped 7.4% during trading on Monday . The company traded as low as $25.88 and last traded at $26.22. Approximately 1,442,256 shares traded hands during trading, a decline of 78% from the average daily volume of 6,511,044 shares. The stock had previously closed at $28.33.

Analysts Set New Price Targets

Several analysts recently issued reports on HBM shares. Raymond James Financial reissued an “outperform” rating on shares of HudBay Minerals in a research note on Wednesday, January 14th. Royal Bank Of Canada reissued an “outperform” rating on shares of HudBay Minerals in a report on Monday, November 17th. Scotiabank reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Monday, January 26th. UBS Group started coverage on shares of HudBay Minerals in a research note on Thursday, January 8th. They issued a “buy” rating on the stock. Finally, Jefferies Financial Group reissued a “buy” rating on shares of HudBay Minerals in a report on Sunday, December 7th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $26.00.

HudBay Minerals Stock Down 6.0%

The business’s 50 day simple moving average is $23.71 and its 200 day simple moving average is $18.17. The company has a current ratio of 0.95, a quick ratio of 0.78 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $10.56 billion, a PE ratio of 18.56, a PEG ratio of 0.39 and a beta of 1.27.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings results on Friday, February 20th. The mining company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.18). HudBay Minerals had a return on equity of 8.91% and a net margin of 25.71%.The company had revenue of $732.90 million during the quarter, compared to analysts’ expectations of $730.13 million. During the same quarter in the prior year, the business posted $0.18 EPS. The company’s revenue was up 25.3% on a year-over-year basis. On average, equities research analysts forecast that HudBay Minerals Inc will post 0.79 earnings per share for the current year.

HudBay Minerals Announces Dividend

The business also recently announced a dividend, which will be paid on Friday, March 27th. Stockholders of record on Tuesday, March 10th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a dividend yield of 8.0%. HudBay Minerals’s payout ratio is currently 0.70%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its holdings in shares of HudBay Minerals by 131.6% in the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock worth $50,000 after acquiring an additional 3,733 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in HudBay Minerals by 144.2% in the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock worth $55,264,000 after purchasing an additional 4,299,428 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of HudBay Minerals by 6.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company’s stock valued at $3,337,000 after buying an additional 27,944 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of HudBay Minerals by 45.6% during the second quarter. Envestnet Asset Management Inc. now owns 51,581 shares of the mining company’s stock valued at $547,000 after buying an additional 16,149 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of HudBay Minerals during the 2nd quarter worth approximately $116,000. Institutional investors own 57.82% of the company’s stock.

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.