Scotiabank Increases Earnings Estimates for Hudbay Minerals

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) – Investment analysts at Scotiabank upped their FY2024 earnings per share (EPS) estimates for shares of Hudbay Minerals in a report issued on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now expects that the mining company will earn $0.51 per share for the year, up from their previous forecast of $0.47. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.55 per share. Scotiabank also issued estimates for Hudbay Minerals’ FY2025 earnings at $0.77 EPS.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Wednesday, November 13th. The mining company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.09. Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. The company had revenue of $485.80 million for the quarter, compared to analysts’ expectations of $454.47 million. During the same period last year, the firm earned $0.07 EPS. Hudbay Minerals’s revenue for the quarter was up 1.1% compared to the same quarter last year.

Separately, StockNews.com raised Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday, November 15th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $11.17.

Hudbay Minerals Price Performance

Shares of Hudbay Minerals stock opened at $8.77 on Thursday. Hudbay Minerals has a one year low of $4.94 and a one year high of $10.49. The stock’s fifty day moving average is $8.74 and its 200 day moving average is $8.54. The stock has a market cap of $3.45 billion, a P/E ratio of 38.13 and a beta of 1.76. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.47 and a current ratio of 1.86.

Institutional Investors Weigh In On Hudbay Minerals

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Ballentine Partners LLC grew its position in shares of Hudbay Minerals by 32.7% during the second quarter. Ballentine Partners LLC now owns 16,171 shares of the mining company’s stock valued at $146,000 after purchasing an additional 3,983 shares in the last quarter. American Century Companies Inc. grew its position in shares of Hudbay Minerals by 239.3% during the second quarter. American Century Companies Inc. now owns 2,044,720 shares of the mining company’s stock valued at $18,503,000 after purchasing an additional 1,442,140 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Hudbay Minerals by 24.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,545,340 shares of the mining company’s stock valued at $32,084,000 after purchasing an additional 702,170 shares in the last quarter. Quantbot Technologies LP grew its position in shares of Hudbay Minerals by 79.5% during the second quarter. Quantbot Technologies LP now owns 293,110 shares of the mining company’s stock valued at $2,653,000 after purchasing an additional 129,797 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Hudbay Minerals by 32.3% during the second quarter. Renaissance Technologies LLC now owns 1,499,409 shares of the mining company’s stock valued at $13,570,000 after purchasing an additional 366,300 shares in the last quarter. 57.82% of the stock is owned by 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.