Hudbay Minerals (NYSE:HBM) Shares Gap Down – Here’s Why

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s share price gapped down prior to trading on Friday . The stock had previously closed at $9.72, but opened at $9.14. Hudbay Minerals shares last traded at $9.20, with a volume of 479,763 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on HBM shares. Jefferies Financial Group upgraded Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Wednesday, August 14th. StockNews.com downgraded shares of Hudbay Minerals from a “buy” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Stifel Canada raised shares of Hudbay Minerals to a “strong-buy” rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $11.17.

Hudbay Minerals Stock Performance

The company has a debt-to-equity ratio of 0.47, a current ratio of 1.86 and a quick ratio of 1.49. The company has a market capitalization of $3.68 billion, a PE ratio of 40.65 and a beta of 1.78. The stock has a 50-day simple moving average of $8.67 and a 200 day simple moving average of $8.67.

Hudbay Minerals Cuts Dividend

The firm also recently disclosed a Semi-Annual dividend, which was paid on Friday, September 20th. Investors of record on Tuesday, September 3rd were given a $0.007 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a dividend yield of 0.2%. Hudbay Minerals’s dividend payout ratio is presently 4.35%.

Hedge Funds Weigh In On Hudbay Minerals

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Hudbay Minerals by 3.2% in the first quarter. Vanguard Group Inc. now owns 8,694,436 shares of the mining company’s stock valued at $60,861,000 after purchasing an additional 272,635 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Hudbay Minerals by 46.3% during the 1st quarter. BNP Paribas Financial Markets now owns 185,166 shares of the mining company’s stock worth $1,296,000 after purchasing an additional 58,585 shares during the last quarter. Boston Partners lifted its stake in Hudbay Minerals by 29.1% in the 1st quarter. Boston Partners now owns 552,226 shares of the mining company’s stock valued at $3,866,000 after buying an additional 124,376 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Hudbay Minerals by 88.8% during the 1st quarter. Russell Investments Group Ltd. now owns 281,015 shares of the mining company’s stock valued at $1,969,000 after buying an additional 132,142 shares during the last quarter. Finally, Artemis Investment Management LLP purchased a new position in Hudbay Minerals during the third quarter worth $20,907,000. 57.82% of the stock is currently owned by hedge funds and other institutional investors.

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.