Hudbay Minerals (NYSE:HBM) Shares Gap Down - Here's What Happened

Hudbay Minerals Inc. (NYSE:HBM - Get Free Report) TSE: HBM's stock price gapped down before the market opened 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.

Analysts Set New Price Targets

Several research firms have weighed in on HBM. StockNews.com upgraded shares of Hudbay Minerals from a "hold" rating to a "buy" rating in a report on Friday, February 7th. Stifel Canada raised Hudbay Minerals to a "strong-buy" rating in a research report on Wednesday, March 19th. Three investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $11.50.

Hudbay Minerals Stock Performance

The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.47 and a current ratio of 1.86. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 42.07 and a beta of 1.72. The stock's fifty day moving average is $8.07 and its two-hundred day moving average is $8.54.

Hudbay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last released its quarterly earnings results on Wednesday, February 19th. The mining company reported $0.18 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 business had revenue of $584.90 million during the quarter, compared to analyst estimates of $588.28 million. During the same quarter last year, the firm posted $0.20 EPS. The company's revenue was down 2.9% compared to the same quarter last year. Analysts forecast that Hudbay Minerals Inc. will post 0.79 earnings per share for the current year.

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Hudbay Minerals Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Friday, March 21st. Investors of record on Tuesday, March 4th were paid 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 positive change from Hudbay Minerals's previous semi-annual dividend of $0.01. Hudbay Minerals's payout ratio is 5.56%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Cinctive Capital Management LP raised its stake in shares of Hudbay Minerals by 39.7% in the 3rd quarter. Cinctive Capital Management LP now owns 410,669 shares of the mining company's stock valued at $3,777,000 after purchasing an additional 116,732 shares in the last quarter. Toronto Dominion Bank raised its stake in Hudbay Minerals by 300.9% during the third quarter. Toronto Dominion Bank now owns 226,841 shares of the mining company's stock valued at $2,085,000 after buying an additional 170,257 shares in the last quarter. Mountaineer Partners Management LLC lifted its holdings in Hudbay Minerals by 792.5% during the 3rd quarter. Mountaineer Partners Management LLC now owns 10,323,605 shares of the mining company's stock worth $94,874,000 after buying an additional 9,166,952 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Hudbay Minerals by 9.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,346,659 shares of the mining company's stock worth $12,395,000 after acquiring an additional 117,275 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Hudbay Minerals by 2,414.5% in the 3rd quarter. Barclays PLC now owns 86,475 shares of the mining company's stock valued at $795,000 after acquiring an additional 83,036 shares during the last quarter. 57.82% of the stock is currently owned by institutional investors.

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.