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

14 Oct 2024, 17:58 by Michael Walen · The Markets Daily

Hudbay Minerals Inc. (NYSE:HBM – Get Free Report) (TSE:HBM)’s share price gapped down prior to trading on Monday . The stock had previously closed at $9.37, but opened at $9.04. Hudbay Minerals shares last traded at $9.25, with a volume of 280,728 shares.

Wall Street Analyst Weigh In

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

Check Out Our Latest Stock Analysis on Hudbay Minerals

Hudbay Minerals Stock Down 2.8 %

The company has a market cap of $3.59 billion, a P/E ratio of 40.74 and a beta of 1.77. The company has a 50-day simple moving average of $8.02 and a 200 day simple moving average of $8.42. 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 declared a Semi-Annual dividend, which was paid on Friday, September 20th. Investors of record on Tuesday, September 3rd were paid a $0.007 dividend. This represents a yield of 0.2%. The ex-dividend date was Tuesday, September 3rd. Hudbay Minerals’s dividend payout ratio is presently 4.35%.

Hedge Funds Weigh In On Hudbay Minerals

A number of hedge funds have recently added to or reduced their stakes in HBM. Banque Cantonale Vaudoise raised its stake in shares of Hudbay Minerals by 38.7% during the first quarter. Banque Cantonale Vaudoise now owns 6,471 shares of the mining company’s stock valued at $45,000 after acquiring an additional 1,806 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Hudbay Minerals by 4.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 74,546 shares of the mining company’s stock worth $674,000 after buying an additional 2,905 shares during the period. Ballentine Partners LLC grew its position in shares of Hudbay Minerals by 32.7% during the 2nd quarter. Ballentine Partners LLC now owns 16,171 shares of the mining company’s stock worth $146,000 after buying an additional 3,983 shares in the last quarter. Strong Tower Advisory Services grew its position in shares of Hudbay Minerals by 8.0% during the 3rd quarter. Strong Tower Advisory Services now owns 61,842 shares of the mining company’s stock worth $568,000 after buying an additional 4,599 shares in the last quarter. Finally, Register Financial Advisors LLC purchased a new position in shares of Hudbay Minerals during the first quarter valued at $35,000. 57.82% of the stock is currently owned by institutional investors.

Hudbay Minerals Company Profile

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