Zacks Investment Research Lowers Buenaventura Mining Company Inc. (BVN) to Hold

Zacks Investment Research lowered shares of Buenaventura Mining Company Inc. (NYSE:BVN) from a buy rating to a hold rating in a report published on Thursday.

According to Zacks, “COMPAÑÍA DE MINAS BUENAVENTURA is a leading mining company producing precious metals and holding mining rights in Peru. Since its inception in 1953, Buenaventura has focused on exploration and exploitation activities both by its own and through joint ventures. Buenaventura also is an important shareholder of Minera Yanacocha S.R.L., one of the leading gold producers in Latin America. “

Several other brokerages have also weighed in on BVN. BidaskClub raised shares of Buenaventura Mining from a hold rating to a buy rating in a research note on Saturday, August 26th. Credit Suisse Group reaffirmed a hold rating on shares of Buenaventura Mining in a research note on Friday, July 28th. Finally, Morgan Stanley raised shares of Buenaventura Mining from an equal weight rating to an overweight rating and increased their target price for the stock from $13.00 to $17.30 in a research note on Monday, September 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. Buenaventura Mining has a consensus rating of Hold and a consensus price target of $16.13.

Buenaventura Mining (BVN) opened at 14.00 on Thursday. The company’s 50 day moving average is $13.62 and its 200-day moving average is $12.58. The stock’s market capitalization is $4.31 billion. Buenaventura Mining has a 1-year low of $9.87 and a 1-year high of $14.96.

Buenaventura Mining (NYSE:BVN) last announced its quarterly earnings data on Thursday, July 27th. The mining company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.22 by ($0.24). Buenaventura Mining had a negative net margin of 29.67% and a negative return on equity of 11.11%. The firm had revenue of $256.73 million during the quarter, compared to analysts’ expectations of $327.50 million. During the same period in the prior year, the company posted $0.22 EPS. The company’s revenue for the quarter was down 10.0% compared to the same quarter last year. Analysts forecast that Buenaventura Mining will post $0.90 earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of Nova Scotia boosted its stake in shares of Buenaventura Mining by 43.8% in the second quarter. Bank of Nova Scotia now owns 628,609 shares of the mining company’s stock valued at $7,233,000 after purchasing an additional 191,400 shares during the period. Macquarie Group Ltd. boosted its stake in shares of Buenaventura Mining by 39.6% in the second quarter. Macquarie Group Ltd. now owns 4,678,583 shares of the mining company’s stock valued at $53,806,000 after purchasing an additional 1,326,244 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Buenaventura Mining in the second quarter valued at approximately $1,884,000. JPMorgan Chase & Co. boosted its stake in shares of Buenaventura Mining by 1.2% in the second quarter. JPMorgan Chase & Co. now owns 392,393 shares of the mining company’s stock valued at $4,512,000 after purchasing an additional 4,534 shares during the period. Finally, Citigroup Inc. boosted its stake in shares of Buenaventura Mining by 380.1% in the second quarter. Citigroup Inc. now owns 337,029 shares of the mining company’s stock valued at $3,876,000 after purchasing an additional 266,834 shares during the period. 45.10% of the stock is owned by institutional investors and hedge funds.

Buenaventura Mining Company Profile

Compania de Minas Buenaventura SAA. (Buenaventura) is a precious metals company. The Company is engaged in the exploration, mining and processing of gold, silver and other metals in Peru. The Company’s segments include Production and sale of minerals; Exploration and development activities; Construction and engineering services; Energy generation and transmission services; Insurance brokerage; Rental of mining concessions; Holding of investment in shares (mainly in Minera Yanacocha S.R.L.

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