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

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) shares gapped down prior to trading on Tuesday . The stock had previously closed at $9.58, but opened at $9.20. Hudbay Minerals shares last traded at $9.17, with a volume of 312,410 shares changing hands.

Analyst Ratings Changes

Separately, StockNews.com raised Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $11.17.

Hudbay Minerals Price Performance

The company has a fifty day simple moving average of $8.60 and a 200 day simple moving average of $8.49. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of 39.50 and a beta of 1.74. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.47 and a current ratio of 1.86.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Wednesday, November 13th. The mining company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.09. The business had revenue of $485.80 million during the quarter, compared to the consensus estimate of $454.47 million. Hudbay Minerals had a net margin of 4.23% and a return on equity of 7.44%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.07 EPS. Equities research analysts forecast that Hudbay Minerals Inc. will post 0.48 EPS for the current fiscal year.

Hedge Funds Weigh In On Hudbay Minerals

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Northwest & Ethical Investments L.P. raised its stake in Hudbay Minerals by 0.8% during the 3rd quarter. Northwest & Ethical Investments L.P. now owns 197,289 shares of the mining company’s stock worth $1,815,000 after buying an additional 1,487 shares during the period. Van ECK Associates Corp raised its position in shares of Hudbay Minerals by 0.4% during the third quarter. Van ECK Associates Corp now owns 451,628 shares of the mining company’s stock worth $4,213,000 after purchasing an additional 1,960 shares during the period. Sprott Inc. lifted its holdings in shares of Hudbay Minerals by 3.5% in the 4th quarter. Sprott Inc. now owns 63,662 shares of the mining company’s stock worth $516,000 after purchasing an additional 2,162 shares in the last quarter. MQS Management LLC grew its position in Hudbay Minerals by 8.2% in the 3rd quarter. MQS Management LLC now owns 34,231 shares of the mining company’s stock valued at $315,000 after purchasing an additional 2,592 shares during the period. Finally, FMR LLC increased its stake in Hudbay Minerals by 0.7% during the 3rd quarter. FMR LLC now owns 354,392 shares of the mining company’s stock valued at $3,260,000 after purchasing an additional 2,624 shares in the last quarter. Institutional investors own 57.82% of the company’s stock.

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.