Hudbay Minerals (NYSE:HBM) Trading Down 3.5% – Here’s What Happened

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s share price fell 3.5% on Friday . The stock traded as low as $8.81 and last traded at $8.83. 311,538 shares traded hands during trading, a decline of 90% from the average session volume of 3,104,059 shares. The stock had previously closed at $9.15.

Analyst Ratings Changes

Separately, StockNews.com raised Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday, November 15th. Five equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $11.17.

Hudbay Minerals Stock Performance

The stock has a market capitalization of $3.41 billion, a P/E ratio of 39.81 and a beta of 1.77. The company’s 50-day moving average is $9.12 and its two-hundred day moving average is $8.66. The company has a current ratio of 1.86, a quick ratio of 1.47 and a debt-to-equity ratio of 0.44.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Wednesday, November 13th. The mining company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.09. The business had revenue of $485.80 million for 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 business’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 EPS. As a group, sell-side analysts anticipate that Hudbay Minerals Inc. will post 0.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Hudbay Minerals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Prospera Private Wealth LLC bought a new stake in shares of Hudbay Minerals in the third quarter valued at about $28,000. Exchange Traded Concepts LLC acquired a new position in Hudbay Minerals in the third quarter valued at approximately $53,000. Clear Harbor Asset Management LLC bought a new position in shares of Hudbay Minerals in the 3rd quarter worth $92,000. Ritholtz Wealth Management bought a new position in Hudbay Minerals during the 2nd quarter worth approximately $96,000. Finally, Armistice Capital LLC bought a new position in shares of Hudbay Minerals during the second quarter worth $97,000. Institutional investors own 57.82% of the company’s stock.

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.