Hudbay Minerals (NYSE:HBM) Shares Gap Up – Time to Buy?

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $7.73, but opened at $7.98. Hudbay Minerals shares last traded at $7.97, with a volume of 1,071,222 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Five analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $11.17.

Hudbay Minerals Stock Performance

The firm’s fifty day moving average price is $8.16 and its 200 day moving average price is $8.49. 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 has a market capitalization of $3.25 billion, a PE ratio of 45.70 and a beta of 1.72.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Wednesday, February 19th. The mining company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.02). Hudbay Minerals had a net margin of 3.80% and a return on equity of 7.29%. The company had revenue of $584.90 million for the quarter, compared to analysts’ expectations of $588.28 million. During the same quarter in the prior year, the firm earned $0.20 earnings per share. The company’s revenue was down 2.9% on a year-over-year basis. On average, research analysts anticipate that Hudbay Minerals Inc. will post 0.79 earnings per share for the current year.

Hudbay Minerals Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Friday, March 21st. Stockholders of record on Tuesday, March 4th will be issued a dividend of $0.007 per share. This is a boost from Hudbay Minerals’s previous semi-annual dividend of $0.01. This represents a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, March 4th. Hudbay Minerals’s payout ratio is currently 5.56%.

Institutional Investors Weigh In On Hudbay Minerals

A number of large investors have recently bought and sold shares of HBM. Prospera Private Wealth LLC bought a new stake in Hudbay Minerals in the third quarter worth $28,000. PCJ Investment Counsel Ltd. boosted its holdings in Hudbay Minerals by 14.1% in the third quarter. PCJ Investment Counsel Ltd. now owns 297,900 shares of the mining company’s stock worth $2,740,000 after purchasing an additional 36,900 shares in the last quarter. Jennison Associates LLC boosted its holdings in Hudbay Minerals by 12.2% in the third quarter. Jennison Associates LLC now owns 3,298,814 shares of the mining company’s stock worth $30,340,000 after purchasing an additional 359,126 shares in the last quarter. Bank of Montreal Can boosted its holdings in Hudbay Minerals by 23.1% in the third quarter. Bank of Montreal Can now owns 7,691,519 shares of the mining company’s stock worth $71,308,000 after purchasing an additional 1,441,991 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Hudbay Minerals by 9.5% in the third quarter. The Manufacturers Life Insurance Company now owns 1,346,659 shares of the mining company’s stock worth $12,395,000 after purchasing an additional 117,275 shares in the last quarter. 57.82% of the stock is currently owned by institutional investors.

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.