Hudbay Minerals Inc. (NYSE:HBM) Sees Large Increase in Short Interest

Hudbay Minerals Inc. (NYSE:HBMGet Rating) (TSE:HBM) was the recipient of a large increase in short interest in the month of April. As of April 30th, there was short interest totalling 10,120,000 shares, an increase of 31.8% from the April 15th total of 7,680,000 shares. Based on an average trading volume of 1,390,000 shares, the days-to-cover ratio is presently 7.3 days. Approximately 4.7% of the shares of the stock are sold short.

Several large investors have recently added to or reduced their stakes in the company. Prelude Capital Management LLC increased its stake in shares of Hudbay Minerals by 30.9% in the 1st quarter. Prelude Capital Management LLC now owns 44,519 shares of the mining company’s stock valued at $350,000 after acquiring an additional 10,519 shares in the last quarter. Invesco Ltd. increased its stake in Hudbay Minerals by 71.6% during the 1st quarter. Invesco Ltd. now owns 2,968,111 shares of the mining company’s stock valued at $23,300,000 after purchasing an additional 1,237,955 shares in the last quarter. Hsbc Holdings PLC increased its stake in Hudbay Minerals by 72.0% during the 1st quarter. Hsbc Holdings PLC now owns 66,142 shares of the mining company’s stock valued at $523,000 after purchasing an additional 27,678 shares in the last quarter. Lumbard & Kellner LLC increased its stake in Hudbay Minerals by 1.0% during the 1st quarter. Lumbard & Kellner LLC now owns 697,725 shares of the mining company’s stock valued at $5,476,000 after purchasing an additional 7,050 shares in the last quarter. Finally, Bridgewater Associates LP increased its stake in Hudbay Minerals by 106.6% during the 1st quarter. Bridgewater Associates LP now owns 65,967 shares of the mining company’s stock valued at $519,000 after purchasing an additional 34,044 shares in the last quarter. Institutional investors own 67.11% of the company’s stock.

Shares of NYSE HBM traded up $0.22 during midday trading on Monday, reaching $5.46. The stock had a trading volume of 87,814 shares, compared to its average volume of 1,395,941. Hudbay Minerals has a twelve month low of $4.96 and a twelve month high of $8.75. The company has a quick ratio of 0.98, a current ratio of 1.35 and a debt-to-equity ratio of 0.79. The company’s 50 day moving average price is $7.19 and its 200 day moving average price is $7.28.

Hudbay Minerals (NYSE:HBMGet Rating) (TSE:HBM) last issued its quarterly earnings results on Wednesday, February 23rd. The mining company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The firm had revenue of $425.17 million for the quarter, compared to the consensus estimate of $440.81 million. Hudbay Minerals had a negative net margin of 7.69% and a positive return on equity of 5.27%. The company’s revenue for the quarter was up 31.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.06) EPS. Equities analysts forecast that Hudbay Minerals will post 0.73 earnings per share for the current year.

The business also recently disclosed a Semi-Annual dividend, which was paid on Friday, March 25th. Stockholders of record on Tuesday, March 8th were paid a $0.008 dividend. The ex-dividend date was Monday, March 7th. This represents a dividend yield of 0.2%. This is a positive change from Hudbay Minerals’s previous Semi-Annual dividend of $0.01. Hudbay Minerals’s payout ratio is currently -4.35%.

A number of research firms have recently weighed in on HBM. Scotiabank cut their target price on Hudbay Minerals from C$12.50 to C$12.00 in a research report on Wednesday, May 11th. Royal Bank of Canada lowered their price target on Hudbay Minerals from C$14.00 to C$12.00 in a report on Wednesday, May 11th. National Bank Financial lowered their price target on Hudbay Minerals from C$12.50 to C$11.50 in a report on Wednesday, May 11th. Zacks Investment Research cut Hudbay Minerals from a “buy” rating to a “hold” rating in a report on Friday, January 28th. Finally, StockNews.com cut Hudbay Minerals from a “buy” rating to a “hold” rating in a report on Tuesday, April 19th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Hudbay Minerals has a consensus rating of “Buy” and a consensus price target of $13.16.

Hudbay Minerals Company Profile (Get Rating)

Hudbay Minerals Inc, a diversified 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; silver/gold doré; molybdenum concentrates; and zinc metals.

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