Hudbay Minerals (NYSE:HBM) Shares Gap Up – Here’s Why

Shares of Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) gapped up before the market opened on Tuesday . The stock had previously closed at $8.74, but opened at $8.95. Hudbay Minerals shares last traded at $8.95, with a volume of 315,917 shares changing hands.

Wall Street Analyst Weigh In

HBM has been the topic of several recent research reports. StockNews.com upgraded Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, November 15th. Jefferies Financial Group raised Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Wednesday, August 14th. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Hudbay Minerals presently has an average rating of “Buy” and an average price target of $11.17.

Hudbay Minerals Stock Performance

The business’s fifty day moving average price is $9.13 and its 200-day moving average price is $8.68. The stock has a market cap of $3.55 billion, a PE ratio of 38.91 and a beta of 1.77. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.47 and a current ratio of 1.86.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Wednesday, November 13th. The mining company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.09. The business had revenue of $485.80 million during the quarter, compared to the consensus estimate of $454.47 million. Hudbay Minerals had a net margin of 4.23% and a return on equity of 7.44%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. As a group, equities research analysts forecast that Hudbay Minerals Inc. will post 0.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Prospera Private Wealth LLC purchased a new stake in Hudbay Minerals during the third quarter valued at approximately $28,000. Exchange Traded Concepts LLC bought a new position in shares of Hudbay Minerals in the third quarter worth about $53,000. Clear Harbor Asset Management LLC bought a new position in shares of Hudbay Minerals during the 3rd quarter valued at approximately $92,000. Ritholtz Wealth Management bought a new stake in shares of Hudbay Minerals during the 2nd quarter valued at $96,000. Finally, Armistice Capital LLC purchased a new position in shares of Hudbay Minerals during the 2nd quarter valued at $97,000. Institutional investors own 57.82% of the company’s stock.

About Hudbay Minerals

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.