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

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM)’s stock 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 traded.

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 Analyst Weigh In

Separately, StockNews.com raised Hudbay Minerals from a “hold” rating to a “buy” rating in a report 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $11.17.

Hedge Funds Weigh In On Hudbay Minerals

Several hedge funds have recently bought and sold shares of the company. Mountaineer Partners Management LLC lifted its stake in Hudbay Minerals by 792.5% during 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 last quarter. Norges Bank acquired a new stake in Hudbay Minerals in the fourth quarter valued at about $50,260,000. Dimensional Fund Advisors LP grew its position 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 last quarter. Price T Rowe Associates Inc. MD bought a new position in shares of Hudbay Minerals in the 4th quarter valued at $17,657,000. Finally, American Century Companies Inc. grew its position 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 acquiring an additional 2,163,000 shares during the last quarter. 57.82% of the stock is owned by institutional investors.

Hudbay Minerals Trading Down 13.9 %

The business has a fifty day simple moving average of $8.60 and a 200-day simple moving average of $8.54. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 33.55 and a beta of 1.74. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.47 and a current ratio of 1.86.

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.