Hudbay Minerals FY2024 EPS Forecast Boosted by Scotiabank

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) – Equities researchers at Scotiabank boosted their FY2024 earnings per share (EPS) estimates for shares of Hudbay Minerals in a note issued to investors on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now expects that the mining company will earn $0.51 per share for the year, up from their prior estimate of $0.47. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.55 per share. Scotiabank also issued estimates for Hudbay Minerals’ FY2025 earnings at $0.77 EPS.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Wednesday, November 13th. The mining company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.09. The company had revenue of $485.80 million for the quarter, compared to analysts’ expectations of $454.47 million. Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the business posted $0.07 earnings per share.

Separately, StockNews.com upgraded Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, November 15th. Five research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Hudbay Minerals has an average rating of “Buy” and an average price target of $11.17.

Hudbay Minerals Price Performance

Shares of NYSE:HBM opened at $8.83 on Thursday. The company has a current ratio of 1.86, a quick ratio of 1.47 and a debt-to-equity ratio of 0.44. The firm’s 50 day moving average is $8.74 and its two-hundred day moving average is $8.54. The firm has a market capitalization of $3.48 billion, a P/E ratio of 38.39 and a beta of 1.76. Hudbay Minerals has a 52 week low of $4.94 and a 52 week high of $10.49.

Institutional Investors Weigh In On Hudbay Minerals

Institutional investors and hedge funds have recently bought and sold shares of the business. Cinctive Capital Management LP raised its position in shares of Hudbay Minerals by 39.7% during the third quarter. Cinctive Capital Management LP now owns 410,669 shares of the mining company’s stock worth $3,777,000 after purchasing an additional 116,732 shares during the period. Bank of Montreal Can lifted its stake in Hudbay Minerals by 23.1% during the third quarter. Bank of Montreal Can now owns 7,691,519 shares of the mining company’s stock valued at $71,308,000 after buying an additional 1,441,991 shares in the last quarter. Toronto Dominion Bank boosted its holdings in shares of Hudbay Minerals by 300.9% in the third quarter. Toronto Dominion Bank now owns 226,841 shares of the mining company’s stock worth $2,085,000 after buying an additional 170,257 shares during the period. Artemis Investment Management LLP purchased a new position in shares of Hudbay Minerals in the third quarter worth approximately $20,907,000. Finally, Driehaus Capital Management LLC acquired a new stake in shares of Hudbay Minerals during the second quarter valued at approximately $14,718,000. 57.82% of the stock is owned by institutional investors and hedge funds.

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.