Hudbay Minerals (TSE:HBM) Downgraded to “Underperform” at Bank of America

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Bank of America lowered shares of Hudbay Minerals (TSE:HBM) (NYSE:HBM) from a neutral rating to an underperform rating in a research note published on Friday morning, BayStreet.CA reports. Bank of America currently has C$4.00 price objective on the mining company’s stock, down from their previous price objective of C$8.00.

Several other brokerages have also commented on HBM. TD Securities lowered their price objective on Hudbay Minerals from C$10.50 to C$7.50 and set a buy rating for the company in a research report on Friday, August 2nd. CIBC lowered their price objective on Hudbay Minerals from C$9.00 to C$7.00 in a research report on Tuesday, August 6th. Royal Bank of Canada lowered their price objective on Hudbay Minerals from C$9.00 to C$8.00 in a research report on Friday, August 2nd. National Bank Financial lowered their price objective on Hudbay Minerals from C$9.00 to C$6.00 and set an outperform rating for the company in a research report on Monday, August 12th. Finally, Eight Capital lowered their price objective on Hudbay Minerals from C$11.00 to C$9.00 in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of C$7.65.

Shares of Hudbay Minerals stock opened at C$4.34 on Friday. The company has a current ratio of 2.31, a quick ratio of 1.78 and a debt-to-equity ratio of 49.69. The firm has a market capitalization of $1.13 billion and a P/E ratio of -23.46. The business has a fifty day simple moving average of C$6.07 and a two-hundred day simple moving average of C$7.70. Hudbay Minerals has a 12 month low of C$4.19 and a 12 month high of C$10.42.

The business also recently declared a Semi-Annual dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Thursday, September 5th. Hudbay Minerals’s payout ratio is presently -8.27%.

In related news, insider Waterton Global Resource Management, Inc. purchased 500,000 shares of Hudbay Minerals stock in a transaction dated Wednesday, July 10th. The stock was purchased at an average cost of C$6.57 per share, for a total transaction of C$3,284,358.00. Following the completion of the acquisition, the insider now directly owns 17,324,844 shares of the company’s stock, valued at C$113,801,979.98.

Hudbay Minerals Company Profile

Hudbay Minerals Inc, an integrated mining company, together with its subsidiaries, focuses on the discovery, production, and marketing of base and precious metals in North and South America. It produces copper concentrates containing copper, gold, and silver; and zinc metal. The company owns three polymetallic mines, four ore concentrators, and a zinc production facility in northern Manitoba and Saskatchewan, Canada, as well as in Cusco, Peru; and copper projects in Arizona and Nevada, the United States.

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Analyst Recommendations for Hudbay Minerals (TSE:HBM)

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