HudBay Minerals (NYSE:HBM) Stock Price Down 9% – Here’s Why

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) dropped 9% during trading on Tuesday . The company traded as low as $25.35 and last traded at $25.3880. 1,505,868 shares traded hands during trading, a decline of 75% from the average daily volume of 5,968,421 shares. The stock had previously closed at $27.91.

Analyst Ratings Changes

HBM has been the topic of several analyst reports. Barclays initiated coverage on shares of HudBay Minerals in a report on Thursday, May 21st. They set an “overweight” rating and a $30.00 price target on the stock. Weiss Ratings downgraded shares of HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, June 8th. Wall Street Zen upgraded shares of HudBay Minerals from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $27.33.

HudBay Minerals Stock Down 9.6%

The company has a current ratio of 1.36, a quick ratio of 1.20 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $9.11 billion, a P/E ratio of 13.81, a P/E/G ratio of 0.29 and a beta of 1.43. The company has a 50 day simple moving average of $25.95 and a two-hundred day simple moving average of $23.65.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings data 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 net margin of 27.75% and a return on equity of 10.04%. The firm had revenue of $757.30 million for the quarter, compared to analysts’ expectations of $684.73 million. During the same quarter last year, the business posted $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 Inc will post 1.65 EPS for the current fiscal year.

HudBay Minerals Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Tuesday, June 9th will be paid a $0.01 dividend. The ex-dividend date is Tuesday, June 9th. This represents a $0.04 annualized dividend and a yield of 0.2%. HudBay Minerals’s payout ratio is presently 1.81%.

Institutional Investors Weigh In On HudBay Minerals

Several large investors have recently made changes to their positions in the company. Allworth Financial LP boosted its stake in 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 buying an additional 1,033 shares during the last quarter. Quarry LP bought a new stake in HudBay Minerals in the 3rd quarter worth approximately $38,000. IFP Advisors Inc purchased a new stake in shares of HudBay Minerals during the 3rd quarter worth approximately $45,000. Banque Cantonale Vaudoise raised its holdings in shares of HudBay Minerals by 513.5% during the 3rd quarter. Banque Cantonale Vaudoise now owns 3,172 shares of the mining company’s stock worth $48,000 after acquiring an additional 2,655 shares in the last quarter. Finally, Jones Financial Companies Lllp boosted its position in shares of HudBay Minerals by 131.6% during the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock valued at $50,000 after acquiring an additional 3,733 shares during the last quarter. 57.82% of the stock is owned by institutional investors.

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.