Hudbay Minerals (NYSE:HBM) Trading Up 7.7% – Here’s What Happened

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s stock price was up 7.7% on Friday . The stock traded as high as $9.62 and last traded at $9.66. Approximately 1,745,065 shares changed hands during trading, a decline of 68% from the average daily volume of 5,472,184 shares. The stock had previously closed at $8.97.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Hudbay Minerals has an average rating of “Buy” and a consensus target price of $11.17.

Hudbay Minerals Stock Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.86 and a quick ratio of 1.47. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 40.59 and a beta of 1.74. The firm’s fifty day moving average is $8.58 and its 200 day moving average is $8.47.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Wednesday, November 13th. The mining company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.04 by $0.09. The business had revenue of $485.80 million during the quarter, compared to analysts’ expectations of $454.47 million. Hudbay Minerals had a net margin of 4.23% and a return on equity of 7.44%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company posted $0.07 earnings per share. On average, analysts predict that Hudbay Minerals Inc. will post 0.52 EPS for the current fiscal year.

Hedge Funds Weigh In On Hudbay Minerals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in HBM. Algert Global LLC acquired a new stake in shares of Hudbay Minerals in the second quarter worth $111,000. Strong Tower Advisory Services boosted its stake in shares of Hudbay Minerals by 8.0% in the 3rd quarter. Strong Tower Advisory Services now owns 61,842 shares of the mining company’s stock valued at $568,000 after purchasing an additional 4,599 shares in the last quarter. First Affirmative Financial Network acquired a new stake in shares of Hudbay Minerals in the 3rd quarter valued at $103,000. Exchange Traded Concepts LLC acquired a new stake in shares of Hudbay Minerals in the 3rd quarter valued at $53,000. Finally, Oliver Luxxe Assets LLC acquired a new stake in shares of Hudbay Minerals in the 3rd quarter valued at $1,187,000. 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.