Hudbay Minerals Inc. (NYSE:HBM) Short Interest Update

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) was the target of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 7,710,000 shares, a drop of 10.9% from the March 15th total of 8,650,000 shares. Based on an average daily volume of 2,170,000 shares, the days-to-cover ratio is currently 3.6 days.

Wall Street Analysts Forecast Growth

HBM has been the topic of several research reports. Raymond James upped their price objective on shares of Hudbay Minerals from $9.00 to $10.50 and gave the company an “outperform” rating in a report on Wednesday, March 20th. StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday, March 29th. Bank of America raised shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price target on the stock in a report on Tuesday, April 9th. Finally, Stifel Nicolaus began coverage on Hudbay Minerals in a report on Tuesday, March 26th. They set a “buy” rating for the company. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $9.75.

Hedge Funds Weigh In On Hudbay Minerals

A number of hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC boosted its position in shares of Hudbay Minerals by 2,894.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 5,330 shares of the mining company’s stock worth $26,000 after purchasing an additional 5,152 shares in the last quarter. U S Global Investors Inc. bought a new stake in Hudbay Minerals during the 3rd quarter valued at $29,000. Osaic Holdings Inc. raised its stake in shares of Hudbay Minerals by 290.9% during the 2nd quarter. Osaic Holdings Inc. now owns 8,185 shares of the mining company’s stock valued at $39,000 after purchasing an additional 6,091 shares during the period. Banque Cantonale Vaudoise lifted its holdings in shares of Hudbay Minerals by 38.7% in the first quarter. Banque Cantonale Vaudoise now owns 6,471 shares of the mining company’s stock worth $45,000 after buying an additional 1,806 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Hudbay Minerals by 29.7% in the second quarter. Wells Fargo & Company MN now owns 10,043 shares of the mining company’s stock worth $48,000 after buying an additional 2,300 shares in the last quarter. Institutional investors own 57.82% of the company’s stock.

Hudbay Minerals Price Performance

NYSE:HBM opened at $7.62 on Monday. Hudbay Minerals has a 52 week low of $3.94 and a 52 week high of $8.11. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.87 and a current ratio of 1.25. The firm’s 50-day simple moving average is $6.34 and its 200 day simple moving average is $5.41. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 38.10, a P/E/G ratio of 0.75 and a beta of 1.95.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Friday, February 23rd. The mining company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.06. Hudbay Minerals had a net margin of 3.95% and a return on equity of 3.86%. The firm had revenue of $602.20 million for the quarter, compared to analyst estimates of $552.74 million. During the same quarter in the prior year, the business posted $0.01 EPS. The business’s revenue was up 87.5% compared to the same quarter last year. As a group, sell-side analysts predict that Hudbay Minerals will post 0.44 earnings per share for the current year.

Hudbay Minerals Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Friday, March 22nd. Investors of record on Tuesday, March 5th were given a dividend of $0.0074 per share. This represents a yield of 0.3%. The ex-dividend date was Monday, March 4th. Hudbay Minerals’s dividend payout ratio is currently 5.00%.

Hudbay Minerals Company Profile

Hudbay Minerals Inc, a diversified mining company, focuses on the exploration, development, operation, and optimization of properties in North and South America. It produces copper concentrates containing gold, silver, and molybdenum; gold concentrates containing zinc; zinc concentrates; molybdenum concentrates; and silver/gold doré.