HudBay Minerals (NYSE:HBM) Sets New 12-Month High – Still a Buy?

Shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) reached a new 52-week high during trading on Thursday . The stock traded as high as $17.83 and last traded at $17.5150, with a volume of 2322433 shares traded. The stock had previously closed at $17.39.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on HBM. Zacks Research lowered shares of HudBay Minerals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 11th. The Goldman Sachs Group assumed coverage on HudBay Minerals in a research note on Monday, September 8th. They issued a “buy” rating on the stock. Royal Bank Of Canada reissued an “outperform” rating on shares of HudBay Minerals in a report on Monday, November 17th. National Bankshares reaffirmed an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of HudBay Minerals in a research note on Friday, October 10th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, HudBay Minerals currently has a consensus rating of “Buy” and a consensus price target of $19.50.

HudBay Minerals Stock Up 0.5%

The firm’s fifty day simple moving average is $15.98 and its 200-day simple moving average is $12.51. The company has a market cap of $6.92 billion, a PE ratio of 15.08 and a beta of 1.39. The company has a quick ratio of 0.76, a current ratio of 0.97 and a debt-to-equity ratio of 0.18.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last posted its earnings results on Wednesday, November 12th. The mining company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). The company had revenue of $346.80 million during the quarter, compared to analysts’ expectations of $538.16 million. HudBay Minerals had a net margin of 22.38% and a return on equity of 8.89%. HudBay Minerals’s quarterly revenue was down 28.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 EPS. As a group, equities research analysts expect that HudBay Minerals Inc will post 0.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On HudBay Minerals

Several hedge funds have recently modified their holdings of the company. GMT Capital Corp acquired a new position in shares of HudBay Minerals in the second quarter valued at approximately $337,809,000. Hancock Prospecting Pty Ltd acquired a new position in HudBay Minerals in the 2nd quarter valued at $154,359,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of HudBay Minerals during the 3rd quarter worth $123,736,000. Picton Mahoney Asset Management purchased a new stake in shares of HudBay Minerals in the second quarter valued at $61,432,000. Finally, Norges Bank acquired a new position in HudBay Minerals in the second quarter valued at $60,053,000. 57.82% of the stock is owned by institutional investors and hedge funds.

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.