Short Interest in Hudbay Minerals Inc. (NYSE:HBM) Declines By 7.8%

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) was the target of a significant drop in short interest in the month of January. As of January 31st, there was short interest totalling 5,580,000 shares, a drop of 7.8% from the January 15th total of 6,050,000 shares. Based on an average trading volume of 4,640,000 shares, the days-to-cover ratio is presently 1.2 days.

Hedge Funds Weigh In On Hudbay Minerals

Institutional investors have recently bought and sold shares of the business. Prospera Private Wealth LLC purchased a new position in Hudbay Minerals during the third quarter valued at approximately $28,000. Tower Research Capital LLC TRC increased its holdings in Hudbay Minerals by 9,877.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,093 shares of the mining company’s stock valued at $25,000 after buying an additional 3,062 shares during the period. Exchange Traded Concepts LLC purchased a new position in Hudbay Minerals during the third quarter valued at approximately $53,000. Clear Harbor Asset Management LLC purchased a new position in Hudbay Minerals during the third quarter valued at approximately $92,000. Finally, Algert Global LLC purchased a new position in Hudbay Minerals during the fourth quarter valued at approximately $86,000. 57.82% of the stock is owned by hedge funds and other institutional investors.

Hudbay Minerals Stock Up 0.7 %

HBM stock traded up $0.07 during trading on Monday, hitting $9.14. 8,186,011 shares of the company’s stock traded hands, compared to its average volume of 5,437,501. The firm has a market capitalization of $3.61 billion, a P/E ratio of 39.72 and a beta of 1.74. The business has a fifty day simple moving average of $8.61 and a two-hundred day simple moving average of $8.53. The company has a quick ratio of 1.47, a current ratio of 1.86 and a debt-to-equity ratio of 0.44. Hudbay Minerals has a 1 year low of $5.22 and a 1 year high of $10.49.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $11.17.

About Hudbay Minerals

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.