Brokers Set Expectations for Hudbay Minerals Inc.’s Q2 2024 Earnings (NYSE:HBM)

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) – Investment analysts at Raymond James increased their Q2 2024 EPS estimates for shares of Hudbay Minerals in a report released 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 prior estimate of $0.01. Raymond James has a “Outperform” rating and a $10.50 price objective on the stock. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.42 per share. Raymond James also issued estimates for Hudbay Minerals’ Q3 2024 earnings at $0.10 EPS and FY2024 earnings at $0.49 EPS.

Other equities analysts also recently issued reports about the stock. Stifel Nicolaus initiated coverage on shares of Hudbay Minerals in a report on Tuesday, March 26th. They issued a “buy” rating on the stock. Bank of America raised shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price target on the stock in a report on Tuesday, April 9th. Finally, StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday, March 29th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Hudbay Minerals currently has an average rating of “Buy” and an average price target of $9.75.

Hudbay Minerals Price Performance

HBM opened at $7.74 on Thursday. The firm’s fifty day moving average price is $6.73 and its two-hundred day moving average price is $5.58. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.25 and a quick ratio of 0.87. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 38.70, a P/E/G ratio of 0.79 and a beta of 1.95. Hudbay Minerals has a 1 year low of $3.94 and a 1 year high of $8.11.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. The firm had revenue of $602.20 million for the quarter, compared to the consensus estimate of $552.74 million. Hudbay Minerals had a net margin of 3.95% and a return on equity of 3.86%. The business’s revenue for the quarter was up 87.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.01 EPS.

Hudbay Minerals Cuts Dividend

The business also recently announced a semi-annual dividend, which was paid on Friday, March 22nd. Investors 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 dividend payout ratio is currently 5.00%.

Institutional Investors Weigh In On Hudbay Minerals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Register Financial Advisors LLC purchased a new stake in Hudbay Minerals in the first quarter valued at approximately $35,000. Banque Cantonale Vaudoise raised its stake in Hudbay Minerals by 38.7% in the first quarter. Banque Cantonale Vaudoise now owns 6,471 shares of the mining company’s stock valued at $45,000 after purchasing an additional 1,806 shares in the last quarter. Ballentine Partners LLC purchased a new stake in Hudbay Minerals in the first quarter valued at approximately $85,000. Bank of Nova Scotia raised its stake in Hudbay Minerals by 19.1% in the third quarter. Bank of Nova Scotia now owns 24,843 shares of the mining company’s stock valued at $121,000 after purchasing an additional 3,979 shares in the last quarter. Finally, Shell Asset Management Co. raised its stake in Hudbay Minerals by 38.6% in the third quarter. Shell Asset Management Co. now owns 26,189 shares of the mining company’s stock valued at $128,000 after purchasing an additional 7,300 shares in the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

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.