Hudbay Minerals Inc. (NYSE:HBM) Short Interest Down 13.6% in July

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) was the target of a large decline in short interest in July. As of July 31st, there was short interest totalling 5,650,000 shares, a decline of 13.6% from the July 15th total of 6,540,000 shares. Based on an average trading volume of 3,730,000 shares, the days-to-cover ratio is presently 1.5 days.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Jefferies Financial Group upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Wednesday, August 14th. National Bank Financial upgraded shares of Hudbay Minerals from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. StockNews.com lowered shares of Hudbay Minerals from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. Finally, Stifel Canada raised shares of Hudbay Minerals to a “strong-buy” rating in a research note on Monday, July 22nd. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Hudbay Minerals has an average rating of “Buy” and a consensus target price of $10.36.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HBM. Algert Global LLC bought a new stake in shares of Hudbay Minerals during the second quarter worth $111,000. Driehaus Capital Management LLC acquired a new position in Hudbay Minerals in the second quarter valued at $14,718,000. Susquehanna Fundamental Investments LLC acquired a new position in Hudbay Minerals in the second quarter valued at $278,000. Lloyd Harbor Capital Management LLC acquired a new position in shares of Hudbay Minerals during the second quarter valued at about $2,715,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Hudbay Minerals by 32.7% during the second quarter. The Manufacturers Life Insurance Company now owns 1,229,384 shares of the mining company’s stock valued at $11,109,000 after purchasing an additional 302,697 shares during the period. 57.82% of the stock is owned by institutional investors.

Hudbay Minerals Stock Performance

Shares of HBM stock traded up $0.17 on Monday, reaching $7.91. The stock had a trading volume of 3,104,892 shares, compared to its average volume of 2,975,824. The company has a quick ratio of 1.00, a current ratio of 1.40 and a debt-to-equity ratio of 0.61. The firm’s 50-day moving average is $8.44 and its two-hundred day moving average is $7.82. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of 34.37 and a beta of 1.83. Hudbay Minerals has a 12 month low of $3.94 and a 12 month high of $10.49.

Hudbay Minerals Cuts Dividend

The firm also recently announced a Semi-Annual dividend, which will be paid on Friday, September 20th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.007 per share. The ex-dividend date is Tuesday, September 3rd. This represents a dividend yield of 0.2%. Hudbay Minerals’s dividend payout ratio is presently 4.35%.

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.