Hudbay Minerals (NYSE:HBM) Trading Up 7.7% – Here’s What Happened

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s stock price rose 7.7% on Friday . The stock traded as high as $9.62 and last traded at $9.66. Approximately 1,745,065 shares changed hands during trading, a decline of 68% from the average daily volume of 5,472,184 shares. The stock had previously closed at $8.97.

Wall Street Analyst Weigh In

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

Hudbay Minerals Trading Up 4.1 %

The company has a current ratio of 1.86, a quick ratio of 1.47 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $3.69 billion, a P/E ratio of 40.59 and a beta of 1.74. The business has a 50 day moving average price of $8.58 and a 200 day moving average price of $8.47.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings results on Wednesday, November 13th. The mining company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.09. Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. The company had revenue of $485.80 million during the quarter, compared to analysts’ expectations of $454.47 million. During the same period in the prior year, the business posted $0.07 EPS. Hudbay Minerals’s revenue was up 1.1% on a year-over-year basis. Analysts anticipate that Hudbay Minerals Inc. will post 0.52 EPS for the current year.

Hedge Funds Weigh In On Hudbay Minerals

Several institutional investors and hedge funds have recently modified their holdings of HBM. Algert Global LLC acquired a new position in shares of Hudbay Minerals in the 2nd quarter valued at approximately $111,000. Strong Tower Advisory Services boosted its position in Hudbay Minerals by 8.0% during the 3rd quarter. Strong Tower Advisory Services now owns 61,842 shares of the mining company’s stock worth $568,000 after acquiring an additional 4,599 shares during the last quarter. First Affirmative Financial Network acquired a new position in Hudbay Minerals during the 3rd quarter worth approximately $103,000. Exchange Traded Concepts LLC bought a new stake in shares of Hudbay Minerals during the 3rd quarter worth approximately $53,000. Finally, Oliver Luxxe Assets LLC bought a new stake in shares of Hudbay Minerals during the 3rd quarter worth approximately $1,187,000. 57.82% of the stock is currently owned by institutional investors and hedge funds.

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.