Q2 2024 EPS Estimates for Hudbay Minerals Inc. (NYSE:HBM) Raised by Analyst

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) – Equities researchers at Raymond James upped their Q2 2024 earnings per share (EPS) estimates for Hudbay Minerals in a note issued to investors on Monday, April 22nd. Raymond James analyst F. Hamed now forecasts that the mining company will post earnings of $0.08 per share for the quarter, up from their previous estimate of $0.01. Raymond James has a “Outperform” rating and a $10.50 price target on the stock. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.40 per share. Raymond James also issued estimates for Hudbay Minerals’ Q3 2024 earnings at $0.10 EPS and FY2024 earnings at $0.49 EPS.

HBM has been the topic of several other reports. Bank of America upgraded shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price objective on the stock in a research report on Tuesday, April 9th. Stifel Nicolaus initiated coverage on Hudbay Minerals in a report on Tuesday, March 26th. They set a “buy” rating on the stock. Finally, StockNews.com upgraded Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, March 29th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $9.75.

Hudbay Minerals Price Performance

Shares of NYSE:HBM opened at $8.64 on Thursday. The company has a market capitalization of $3.03 billion, a P/E ratio of 43.18, a P/E/G ratio of 0.82 and a beta of 1.95. Hudbay Minerals has a 1-year low of $3.94 and a 1-year high of $8.65. The firm’s 50 day simple moving average is $6.85 and its two-hundred day simple moving average is $5.63. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.25 and a quick ratio of 0.87.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings data on Friday, February 23rd. The mining company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.06. The firm had revenue of $602.20 million for the quarter, compared to analysts’ expectations of $552.74 million. Hudbay Minerals had a return on equity of 3.86% and a net margin of 3.95%. The business’s quarterly revenue was up 87.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.01 EPS.

Hedge Funds Weigh In On Hudbay Minerals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Donald Smith & CO. Inc. lifted its position in Hudbay Minerals by 475.3% during the fourth quarter. Donald Smith & CO. Inc. now owns 4,602,687 shares of the mining company’s stock valued at $25,407,000 after purchasing an additional 3,802,687 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in shares of Hudbay Minerals during the 4th quarter valued at about $14,618,000. Invesco Ltd. lifted its holdings in shares of Hudbay Minerals by 60.2% in the 3rd quarter. Invesco Ltd. now owns 6,998,581 shares of the mining company’s stock valued at $34,083,000 after acquiring an additional 2,630,780 shares during the last quarter. L1 Capital Pty Ltd grew its position in Hudbay Minerals by 15.1% in the third quarter. L1 Capital Pty Ltd now owns 16,299,356 shares of the mining company’s stock worth $79,378,000 after acquiring an additional 2,141,437 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Hudbay Minerals by 28.6% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,375,985 shares of the mining company’s stock worth $51,836,000 after acquiring an additional 2,085,641 shares during the last quarter. 57.82% of the stock is owned by institutional investors.

Hudbay Minerals Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Friday, March 22nd. Shareholders of record on Tuesday, March 5th were paid a $0.0074 dividend. This represents a yield of 0.3%. The ex-dividend date was Monday, March 4th. Hudbay Minerals’s payout ratio is currently 5.00%.

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.