Hudbay Minerals (NYSE:HBM) Shares Gap Down – What’s Next?

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $8.05, but opened at $7.80. Hudbay Minerals shares last traded at $7.93, with a volume of 908,168 shares traded.

Wall Street Analyst Weigh In

HBM has been the topic of a number of research analyst reports. StockNews.com raised Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Stifel Canada upgraded Hudbay Minerals to a “strong-buy” rating in a research note on Wednesday, March 19th. Three equities research 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 has a consensus rating of “Buy” and an average target price of $11.50.

Hudbay Minerals Price Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.86 and a quick ratio of 1.47. The company has a fifty day moving average price of $8.10 and a 200 day moving average price of $8.52. The company has a market capitalization of $3.18 billion, a P/E ratio of 44.65 and a beta of 1.72.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings data on Wednesday, February 19th. 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 7.29% and a net margin of 3.80%. The company had revenue of $584.90 million for the quarter, compared to the consensus estimate of $588.28 million. Hudbay Minerals’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.20 earnings per share. On average, sell-side analysts forecast that Hudbay Minerals Inc. will post 0.79 EPS for the current fiscal year.

Hudbay Minerals Increases Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 4th were issued a $0.007 dividend. This represents a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, March 4th. This is a boost from Hudbay Minerals’s previous semi-annual dividend of $0.01. Hudbay Minerals’s dividend payout ratio (DPR) is 5.56%.

Hedge Funds Weigh In On Hudbay Minerals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Polar Asset Management Partners Inc. increased its position in Hudbay Minerals by 121.7% in the 4th quarter. Polar Asset Management Partners Inc. now owns 1,694,700 shares of the mining company’s stock valued at $13,550,000 after acquiring an additional 930,300 shares during the period. Public Employees Retirement System of Ohio increased its holdings in shares of Hudbay Minerals by 83.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 224,070 shares of the mining company’s stock valued at $1,817,000 after purchasing an additional 102,179 shares during the period. Vise Technologies Inc. bought a new stake in shares of Hudbay Minerals during the fourth quarter valued at about $193,000. Woodline Partners LP lifted its holdings in Hudbay Minerals by 216.5% in the fourth quarter. Woodline Partners LP now owns 2,124,494 shares of the mining company’s stock worth $17,208,000 after purchasing an additional 1,453,173 shares during the period. Finally, Two Sigma Advisers LP grew its position in Hudbay Minerals by 12.6% in the 4th quarter. Two Sigma Advisers LP now owns 783,146 shares of the mining company’s stock valued at $6,343,000 after buying an additional 87,500 shares in the last quarter. 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.