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

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) was the target of a large increase in short interest in February. As of February 28th, there was short interest totalling 9,100,000 shares, an increase of 52.4% from the February 13th total of 5,970,000 shares. Approximately 2.3% of the shares of the stock are short sold. Based on an average trading volume of 6,160,000 shares, the days-to-cover ratio is currently 1.5 days.

Analysts Set New Price Targets

Separately, StockNews.com raised Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday, February 7th. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $11.17.

Institutional Investors Weigh In On Hudbay Minerals

Several institutional investors and hedge funds have recently added to or reduced their stakes in HBM. Cinctive Capital Management LP lifted its stake in shares of Hudbay Minerals by 39.7% in the third quarter. Cinctive Capital Management LP now owns 410,669 shares of the mining company’s stock worth $3,777,000 after buying an additional 116,732 shares in the last quarter. Bank of Montreal Can raised its holdings in Hudbay Minerals by 23.1% in the 3rd quarter. Bank of Montreal Can now owns 7,691,519 shares of the mining company’s stock valued at $71,308,000 after acquiring an additional 1,441,991 shares during the last quarter. Toronto Dominion Bank lifted its stake in Hudbay Minerals by 300.9% in the 3rd quarter. Toronto Dominion Bank now owns 226,841 shares of the mining company’s stock worth $2,085,000 after purchasing an additional 170,257 shares in the last quarter. Mountaineer Partners Management LLC boosted its holdings in shares of Hudbay Minerals by 792.5% during the 3rd quarter. Mountaineer Partners Management LLC now owns 10,323,605 shares of the mining company’s stock worth $94,874,000 after purchasing an additional 9,166,952 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Hudbay Minerals by 9.5% in the third quarter. The Manufacturers Life Insurance Company now owns 1,346,659 shares of the mining company’s stock valued at $12,395,000 after purchasing an additional 117,275 shares in the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

Hudbay Minerals Price Performance

Shares of NYSE HBM traded up $0.35 during trading on Monday, hitting $8.08. The company had a trading volume of 9,358,660 shares, compared to its average volume of 3,941,416. Hudbay Minerals has a fifty-two week low of $6.42 and a fifty-two week high of $10.49. The company has a quick ratio of 1.47, a current ratio of 1.86 and a debt-to-equity ratio of 0.44. The stock has a fifty day simple moving average of $8.18 and a two-hundred day simple moving average of $8.49. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of 44.86 and a beta of 1.72.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Wednesday, February 19th. The mining company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). The firm had revenue of $584.90 million for the quarter, compared to analyst estimates of $588.28 million. Hudbay Minerals had a net margin of 3.80% and a return on equity of 7.29%. Hudbay Minerals’s revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.20 EPS. On average, research analysts expect that Hudbay Minerals will post 0.79 earnings per share for the current year.

Hudbay Minerals Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Friday, March 21st. Shareholders of record on Tuesday, March 4th will be issued a $0.007 dividend. The ex-dividend date is Tuesday, March 4th. This represents a yield of 0.2%. This is a positive change from Hudbay Minerals’s previous semi-annual dividend of $0.01. Hudbay Minerals’s dividend payout ratio (DPR) is presently 5.56%.

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.