Raymond James Weighs in on Hudbay Minerals Inc.’s Q2 2023 Earnings (NYSE:HBM)

Posted by Defense World Staff on May 22nd, 2023

Hudbay Minerals Inc. (NYSE:HBM – Get Rating) (TSE:HBM) – Research analysts at Raymond James cut their Q2 2023 earnings estimates for Hudbay Minerals in a research report issued to clients and investors on Thursday, May 18th. Raymond James analyst F. Hamed now anticipates that the mining company will post earnings of $0.14 per share for the quarter, down from their prior estimate of $0.15. The consensus estimate for Hudbay Minerals’ current full-year earnings is $0.64 per share. Raymond James also issued estimates for Hudbay Minerals’ Q1 2024 earnings at $0.25 EPS, Q2 2024 earnings at $0.25 EPS, Q3 2024 earnings at $0.25 EPS, Q4 2024 earnings at $0.25 EPS and FY2024 earnings at $1.01 EPS.

Other equities research analysts have also recently issued reports about the stock. Scotiabank lowered their price objective on shares of Hudbay Minerals from C$11.00 to C$10.00 in a research note on Tuesday, February 7th. StockNews.com began coverage on shares of Hudbay Minerals in a report on Thursday. They set a “hold” rating for the company. Stifel Nicolaus initiated coverage on shares of Hudbay Minerals in a report on Thursday. They set a “buy” rating for the company. Credit Suisse Group raised their price target on shares of Hudbay Minerals from C$8.50 to C$9.00 in a research note on Thursday, February 2nd. Finally, National Bank Financial raised their price target on shares of Hudbay Minerals from C$8.50 to C$8.75 in a research note on Monday, February 13th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.11.

Hudbay Minerals Stock Performance

Shares of HBM opened at $4.73 on Monday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.82 and a current ratio of 1.21. The stock has a market capitalization of $1.24 billion, a P/E ratio of 118.28, a P/E/G ratio of 0.56 and a beta of 1.94. The company’s fifty day moving average is $4.98 and its two-hundred day moving average is $5.22. Hudbay Minerals has a 1 year low of $3.08 and a 1 year high of $6.34.

Hudbay Minerals (NYSE:HBM – Get Rating) (TSE:HBM) last issued its quarterly earnings data on Friday, February 24th. The mining company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). Hudbay Minerals had a return on equity of 1.38% and a net margin of 0.87%. The company had revenue of $321.20 million for the quarter, compared to analysts’ expectations of $395.63 million. During the same quarter in the prior year, the firm posted $0.13 EPS. The firm’s quarterly revenue was down 24.5% compared to the same quarter last year.

Hudbay Minerals Announces Dividend

The business also recently disclosed a Semi-Annual dividend, which was paid on Friday, March 24th. Investors of record on Tuesday, March 7th were issued a $0.008 dividend. This represents a yield of 0.3%. The ex-dividend date of this dividend was Monday, March 6th. Hudbay Minerals’s payout ratio is currently 25.01%.

Institutional Investors Weigh In On Hudbay Minerals

Several institutional investors have recently bought and sold shares of the stock. Cumberland Partners Ltd raised its holdings in Hudbay Minerals by 5.7% during the 4th quarter. Cumberland Partners Ltd now owns 551,500 shares of the mining company’s stock worth $2,784,000 after buying an additional 29,900 shares during the period. Letko Brosseau & Associates Inc. grew its stake in shares of Hudbay Minerals by 19.9% in the 3rd quarter. Letko Brosseau & Associates Inc. now owns 17,105,962 shares of the mining company’s stock valued at $69,218,000 after buying an additional 2,838,400 shares in the last quarter. Decade Renewable Partners LP bought a new stake in shares of Hudbay Minerals in the 4th quarter valued at approximately $3,749,000. EdgePoint Investment Group Inc. bought a new stake in shares of Hudbay Minerals in the 3rd quarter valued at approximately $31,550,000. Finally, Toronto Dominion Bank grew its stake in shares of Hudbay Minerals by 33.5% in the 3rd quarter. Toronto Dominion Bank now owns 201,967 shares of the mining company’s stock valued at $811,000 after buying an additional 50,708 shares in the last quarter. Institutional investors and hedge funds own 80.19% of the company’s stock.

About Hudbay Minerals

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Hudbay Minerals, Inc operates as a mining company. The firm engages in the production of copper concentrate, molybdenum concentrate and zinc metal. It focuses on the discovery, production and marketing of base and precious metals. The company was founded on January 16, 1996 and is headquartered in Toronto, Canada.

Earnings History and Estimates for Hudbay Minerals (NYSE:HBM)

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