Hudbay Minerals (NYSE:HBM) Shares Gap Down – Here’s Why

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) gapped down prior to trading on Friday . The stock had previously closed at $9.72, but opened at $9.14. Hudbay Minerals shares last traded at $9.20, with a volume of 479,763 shares traded.

Analysts Set New Price Targets

HBM has been the subject of several recent research reports. Stifel Canada raised Hudbay Minerals to a “strong-buy” rating in a report on Monday, July 22nd. Jefferies Financial Group upgraded Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. Finally, StockNews.com lowered shares of Hudbay Minerals from a “buy” rating to a “hold” rating in a research report on Tuesday, August 13th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Hudbay Minerals has a consensus rating of “Buy” and a consensus price target of $11.17.

Hudbay Minerals Stock Down 7.0 %

The company has a market cap of $3.56 billion, a price-to-earnings ratio of 39.13 and a beta of 1.78. The stock has a 50-day simple moving average of $8.65 and a 200-day simple moving average of $8.65. The company has a current ratio of 1.86, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47.

Hudbay Minerals Cuts Dividend

The business also recently disclosed a Semi-Annual dividend, which was paid on Friday, September 20th. Investors of record on Tuesday, September 3rd were issued a $0.007 dividend. This represents a yield of 0.2%. The ex-dividend date was Tuesday, September 3rd. Hudbay Minerals’s payout ratio is currently 4.35%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Hudbay Minerals by 3.2% in the first quarter. Vanguard Group Inc. now owns 8,694,436 shares of the mining company’s stock worth $60,861,000 after purchasing an additional 272,635 shares during the period. BNP Paribas Financial Markets boosted its stake in Hudbay Minerals by 46.3% during the first quarter. BNP Paribas Financial Markets now owns 185,166 shares of the mining company’s stock valued at $1,296,000 after buying an additional 58,585 shares in the last quarter. Boston Partners grew its holdings in Hudbay Minerals by 29.1% during the first quarter. Boston Partners now owns 552,226 shares of the mining company’s stock worth $3,866,000 after acquiring an additional 124,376 shares during the period. Russell Investments Group Ltd. raised its position in Hudbay Minerals by 88.8% in the first quarter. Russell Investments Group Ltd. now owns 281,015 shares of the mining company’s stock worth $1,969,000 after acquiring an additional 132,142 shares in the last quarter. Finally, Artemis Investment Management LLP bought a new stake in Hudbay Minerals in the third quarter worth about $20,907,000. 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.