HudBay Minerals (NYSE:HBM) Trading Up 7.5% – Here’s What Happened

Shares of HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) shot up 7.5% during mid-day trading on Tuesday . The stock traded as high as $29.35 and last traded at $29.4750. Approximately 672,217 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 5,595,644 shares. The stock had previously closed at $27.43.

Wall Street Analysts Forecast Growth

HBM has been the subject of a number of research reports. Citigroup reissued a “positive” rating on shares of HudBay Minerals in a research note on Wednesday, July 15th. Wall Street Zen cut HudBay Minerals from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings downgraded HudBay Minerals from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, August 13th. Barclays raised their target price on shares of HudBay Minerals from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Finally, Jefferies Financial Group restated a “buy” rating on shares of HudBay Minerals in a research report on Monday, July 6th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.33.

HudBay Minerals Trading Up 6.2%

The stock has a market cap of $12.94 billion, a P/E ratio of 17.14, a P/E/G ratio of 0.44 and a beta of 1.54. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.93 and a current ratio of 2.24. The stock’s fifty day moving average is $25.00 and its 200 day moving average is $24.67.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings data on Wednesday, July 29th. The mining company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.02. HudBay Minerals had a return on equity of 9.47% and a net margin of 27.48%.The company had revenue of $631.30 million for the quarter, compared to analysts’ expectations of $632.43 million. During the same period in the previous year, the firm posted $0.19 earnings per share. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, equities research analysts predict that HudBay Minerals Inc will post 1.51 earnings per share for the current fiscal year.

HudBay Minerals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Tuesday, September 8th will be issued a $0.01 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.1%. HudBay Minerals’s payout ratio is 1.76%.

Hedge Funds Weigh In On HudBay Minerals

Several large investors have recently modified their holdings of the stock. Rakuten Securities Inc. purchased a new stake in shares of HudBay Minerals in the second quarter valued at $28,000. Allworth Financial LP boosted its stake in shares of HudBay Minerals by 107.9% during the 3rd quarter. Allworth Financial LP now owns 1,990 shares of the mining company’s stock worth $30,000 after purchasing an additional 1,033 shares during the period. Fiduciary Financial Advisors bought a new position in HudBay Minerals during the 2nd quarter valued at about $32,000. EFG International AG bought a new position in HudBay Minerals during the 2nd quarter valued at about $38,000. Finally, Quarry LP purchased a new stake in HudBay Minerals in the 3rd quarter worth about $38,000. Institutional investors own 57.82% of the company’s stock.

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.