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

Hudbay Minerals Inc. (NYSE:HBM - Get Free Report) TSE: HBM shares gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. 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 trading hands.

The mining company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.02). Hudbay Minerals had a return on equity of 7.29% and a net margin of 3.80%. The firm had revenue of $584.90 million for the quarter, compared to analysts' expectations of $588.28 million. During the same quarter in the prior year, the business posted $0.20 earnings per share. Hudbay Minerals's revenue was down 2.9% on a year-over-year basis.

Hudbay Minerals Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Friday, March 21st. Stockholders of record on Tuesday, March 4th will be paid a dividend of $0.007 per share. This represents a dividend yield of 0.2%. The ex-dividend date of this dividend is Tuesday, March 4th. This is an increase from Hudbay Minerals's previous semi-annual dividend of $0.01. Hudbay Minerals's dividend payout ratio is 5.56%.

Wall Street Analyst Weigh In

Separately, StockNews.com raised Hudbay Minerals from a "hold" rating to a "buy" rating in a research report on Friday, February 7th. Five investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Hudbay Minerals currently has a consensus rating of "Buy" and a consensus target price of $11.17.

Institutional Trading of Hudbay Minerals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its position in shares of Hudbay Minerals by 9,877.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,093 shares of the mining company's stock worth $25,000 after acquiring an additional 3,062 shares during the period. Prospera Private Wealth LLC bought a new position in Hudbay Minerals in the third quarter worth $28,000. Exchange Traded Concepts LLC acquired a new stake in Hudbay Minerals during the third quarter worth $53,000. Algert Global LLC bought a new stake in Hudbay Minerals in the 4th quarter valued at $86,000. Finally, Clear Harbor Asset Management LLC acquired a new position in shares of Hudbay Minerals in the 3rd quarter valued at $92,000. Institutional investors and hedge funds own 57.82% of the company's stock.

Hudbay Minerals Stock Down 6.8 %

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 business's fifty day moving average price is $8.53 and its 200 day moving average price is $8.53. The company has a market capitalization of $2.80 billion, a P/E ratio of 39.42 and a beta of 1.74.

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.