HudBay Minerals (NYSE:HBM) Stock Price Down 9% – Should You Sell?

Shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) were down 9% on Tuesday . The company traded as low as $25.35 and last traded at $25.3880. 1,505,868 shares were traded during mid-day trading, a decline of 75% from the average session volume of 5,968,421 shares. The stock had previously closed at $27.91.

Analyst Ratings Changes

Several brokerages have issued reports on HBM. Barclays assumed coverage on HudBay Minerals in a research report on Thursday, May 21st. They issued an “overweight” rating and a $30.00 target price on the stock. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of HudBay Minerals in a research report on Tuesday, April 21st. Weiss Ratings cut shares of HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, June 8th. Finally, Wall Street Zen raised shares of HudBay Minerals from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, HudBay Minerals presently has an average rating of “Buy” and a consensus target price of $27.33.

HudBay Minerals Price Performance

The firm has a 50 day moving average price of $25.96 and a 200 day moving average price of $23.55. The stock has a market capitalization of $10.16 billion, a PE ratio of 15.42, a price-to-earnings-growth ratio of 0.32 and a beta of 1.43. The company has a current ratio of 1.36, a quick ratio of 1.20 and a debt-to-equity ratio of 0.14.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Friday, May 1st. The mining company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.06. HudBay Minerals had a return on equity of 10.04% and a net margin of 27.75%.The company had revenue of $757.30 million for the quarter, compared to the consensus estimate of $684.73 million. During the same period in the previous year, the business earned $0.24 earnings per share. HudBay Minerals’s quarterly revenue was up 27.3% compared to the same quarter last year. Research analysts anticipate that HudBay Minerals Inc will post 1.66 earnings per share for the current year.

HudBay Minerals Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Stockholders of record on Tuesday, June 9th will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, June 9th. HudBay Minerals’s payout ratio is presently 1.81%.

Institutional Investors Weigh In On HudBay Minerals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its holdings in HudBay Minerals by 131.6% during the first quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company’s stock valued at $50,000 after purchasing an additional 3,733 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of HudBay Minerals by 144.2% in the first quarter. Goldman Sachs Group Inc. now owns 7,281,095 shares of the mining company’s stock worth $55,264,000 after purchasing an additional 4,299,428 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of HudBay Minerals by 6.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 439,687 shares of the mining company’s stock valued at $3,337,000 after purchasing an additional 27,944 shares during the period. Geode Capital Management LLC raised its position in shares of HudBay Minerals by 7.4% during the 2nd quarter. Geode Capital Management LLC now owns 221,685 shares of the mining company’s stock valued at $2,363,000 after purchasing an additional 15,235 shares during the period. Finally, Creative Planning lifted its stake in shares of HudBay Minerals by 5.4% during the 2nd quarter. Creative Planning now owns 25,067 shares of the mining company’s stock valued at $266,000 after buying an additional 1,289 shares in the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

About HudBay Minerals

HudBay Minerals Inc is a Canada-based mining company engaged in the exploration, development and production of base and precious metals. Its primary products include copper, zinc, gold and silver concentrates, which are sold to smelters and refiners worldwide. The company’s operations span multiple stages of the mining cycle, from resource definition and feasibility studies to mine construction, extraction and reclamation.

The company traces its roots back to 1927, when it was established as Hudson Bay Mining & Smelting Co Limited.