Hudbay Minerals (NYSE:HBM) Trading 7.7% Higher - Here's What Happened

Hudbay Minerals Inc. (NYSE:HBM - Get Free Report) TSE: HBM shares shot up 7.7% during trading on Friday . The company traded as high as $9.62 and last traded at $9.66. 1,745,065 shares were traded during trading, a decline of 68% from the average session volume of 5,472,184 shares. The stock had previously closed at $8.97.

Wall Street Analysts Forecast Growth

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

Hudbay Minerals Trading Down 5.1 %

The company's 50-day moving average is $8.60 and its 200 day moving average is $8.49. 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 company has a market cap of $3.59 billion, a price-to-earnings ratio of 39.55 and a beta of 1.74.

Hudbay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its earnings results on Wednesday, November 13th. The mining company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.09. Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. The business had revenue of $485.80 million for the quarter, compared to analysts' expectations of $454.47 million. During the same period in the previous year, the firm posted $0.07 EPS. The business's revenue for the quarter was up 1.1% compared to the same quarter last year. Research analysts predict that Hudbay Minerals Inc. will post 0.48 EPS for the current year.

Institutional Trading of Hudbay Minerals

A number of institutional investors have recently bought and sold shares of HBM. Prospera Private Wealth LLC purchased a new stake in shares of Hudbay Minerals in the third quarter worth approximately $28,000. Exchange Traded Concepts LLC acquired a new position in shares of Hudbay Minerals during the third quarter valued at $53,000. Clear Harbor Asset Management LLC bought a new stake in Hudbay Minerals during the 3rd quarter worth approximately $92,000. Plato Investment Management Ltd bought a new position in shares of Hudbay Minerals during the fourth quarter worth about $95,000. Finally, First Affirmative Financial Network bought a new stake in Hudbay Minerals during the 3rd quarter worth about $103,000. 57.82% of the stock is currently owned by hedge funds and other 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.