Hudbay Minerals (NYSE:HBM) Shares Gap Down Following Weak Earnings

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 earnings per share 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%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of 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. Based on data from MarketBeat, Hudbay Minerals presently has a consensus rating of “Buy” and a consensus price target of $11.17.

Institutional Trading of Hudbay Minerals

Hedge funds have recently modified their holdings of the company. Mountaineer Partners Management LLC raised its holdings in 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 worth $94,874,000 after purchasing an additional 9,166,952 shares during the period. Norges Bank bought a new position in Hudbay Minerals during the fourth quarter worth about $50,260,000. Dimensional Fund Advisors LP grew its stake in 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 acquiring an additional 4,253,400 shares during the period. Price T Rowe Associates Inc. MD bought a new stake in shares of Hudbay Minerals in the fourth quarter worth about $17,657,000. Finally, American Century Companies Inc. raised its holdings in Hudbay Minerals by 102.4% during the 4th quarter. American Century Companies Inc. now owns 4,275,895 shares of the mining company’s stock worth $34,684,000 after buying an additional 2,163,000 shares during the period. 57.82% of the stock is currently owned by institutional investors and hedge funds.

Hudbay Minerals Price Performance

The company’s fifty day moving average is $8.60 and its 200 day moving average is $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. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 33.55 and a beta of 1.74.

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.