Hudbay Minerals (NYSE:HBM) Shares Gap Down After Earnings Miss

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s share price gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $8.96, but opened at $8.08. Hudbay Minerals shares last traded at $7.76, with a volume of 2,427,302 shares.

The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. The company had revenue of $584.90 million for the quarter, compared to analyst estimates of $588.28 million. During the same period last year, the firm earned $0.20 earnings per share. The firm’s revenue for the quarter was down 2.9% on a year-over-year basis.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $11.17.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Hudbay Minerals by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 15,267,805 shares of the mining company’s stock worth $123,852,000 after acquiring an additional 255,191 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Hudbay Minerals by 14.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,662,499 shares of the mining company’s stock worth $118,874,000 after acquiring an additional 1,822,601 shares in the last quarter. Invesco Ltd. lifted its holdings in Hudbay Minerals by 2.7% during the fourth quarter. Invesco Ltd. now owns 11,815,849 shares of the mining company’s stock worth $95,708,000 after acquiring an additional 314,619 shares in the last quarter. Mountaineer Partners Management LLC lifted its holdings in shares of Hudbay Minerals by 792.5% in the third quarter. Mountaineer Partners Management LLC now owns 10,323,605 shares of the mining company’s stock valued at $94,874,000 after purchasing an additional 9,166,952 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Hudbay Minerals by 86.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,149,134 shares of the mining company’s stock valued at $74,105,000 after purchasing an additional 4,253,400 shares in the last quarter. 57.82% of the stock is currently owned by institutional investors.

Hudbay Minerals Trading Down 13.4 %

The company has a market capitalization of $3.06 billion, a P/E ratio of 33.72 and a beta of 1.74. The business has a fifty day moving average price of $8.56 and a 200 day moving average price of $8.54. The company has a quick ratio of 1.47, a current ratio of 1.86 and a debt-to-equity ratio of 0.44.

Hudbay Minerals Company Profile

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.