Barclays Upgrades HudBay Minerals (NYSE:HBM) to “Strong-Buy”

HudBay Minerals (NYSE:HBM) (TSE:HBM) was upgraded by analysts at Barclays to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

Several other brokerages have also issued reports on HBM. Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a research report on Monday, January 26th. National Bank Financial lowered HudBay Minerals from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, January 28th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, April 21st. Citigroup boosted their target price on HudBay Minerals from $23.00 to $32.50 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Finally, Weiss Ratings upgraded HudBay Minerals from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, February 10th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $27.33.

HudBay Minerals Stock Down 1.5%

Shares of NYSE:HBM opened at $24.36 on Thursday. HudBay Minerals has a 1 year low of $8.42 and a 1 year high of $28.74. The business has a 50 day simple moving average of $22.97 and a two-hundred day simple moving average of $21.76. The firm has a market capitalization of $9.68 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 0.29 and a beta of 1.37. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.36 and a quick ratio of 1.20.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $684.73 million. During the same quarter in the previous year, the business earned $0.24 earnings per share. The company’s revenue for the quarter was up 27.3% compared to the same quarter last year. On average, equities analysts predict that HudBay Minerals will post 1.65 EPS for the current year.

Institutional Trading of HudBay Minerals

A number of large investors have recently modified their holdings of HBM. FIL Ltd boosted its holdings in shares of HudBay Minerals by 202.0% in the fourth quarter. FIL Ltd now owns 33,143,172 shares of the mining company’s stock valued at $658,010,000 after purchasing an additional 22,169,339 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of HudBay Minerals in the third quarter valued at approximately $123,736,000. Mackenzie Financial Corp boosted its holdings in shares of HudBay Minerals by 116.1% in the fourth quarter. Mackenzie Financial Corp now owns 10,178,626 shares of the mining company’s stock valued at $202,327,000 after purchasing an additional 5,468,109 shares during the period. Norges Bank purchased a new stake in shares of HudBay Minerals in the fourth quarter valued at approximately $105,315,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of 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 valued at $55,264,000 after purchasing an additional 4,299,428 shares during the period. Hedge funds and other institutional investors own 57.82% of the company’s stock.

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.