HudBay Minerals Inc (NYSE:HBM) Sees Significant Increase in Short Interest

HudBay Minerals Inc (NYSE:HBM) (TSE:HBM) saw a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 5,370,000 shares, an increase of 45.9% from the September 30th total of 3,680,000 shares. Based on an average daily volume of 7,430,000 shares, the days-to-cover ratio is currently 0.7 days. Currently, 1.4% of the company’s stock are short sold. Currently, 1.4% of the company’s stock are short sold. Based on an average daily volume of 7,430,000 shares, the days-to-cover ratio is currently 0.7 days.

HudBay Minerals Stock Performance

Shares of HBM traded down $0.59 during midday trading on Tuesday, reaching $15.24. The stock had a trading volume of 1,666,990 shares, compared to its average volume of 7,351,898. The company has a current ratio of 1.03, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20. The firm has a market cap of $6.04 billion, a PE ratio of 20.81 and a beta of 1.55. HudBay Minerals has a one year low of $5.95 and a one year high of $17.73. The firm has a 50 day simple moving average of $14.64 and a 200-day simple moving average of $11.24.

HudBay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings results on Wednesday, August 13th. The mining company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.08. The company had revenue of $536.40 million during the quarter, compared to the consensus estimate of $558.21 million. HudBay Minerals had a net margin of 13.13% and a return on equity of 10.73%. The business’s revenue for the quarter was up 26.1% on a year-over-year basis. As a group, sell-side analysts anticipate that HudBay Minerals will post 0.79 EPS for the current year.

HudBay Minerals Increases Dividend

The firm also recently declared a semi-annual dividend, which was paid on Friday, September 19th. Shareholders of record on Tuesday, September 2nd were given a $0.0073 dividend. This is an increase from HudBay Minerals’s previous semi-annual dividend of $0.01. The ex-dividend date was Tuesday, September 2nd. This represents a yield of 17.0%. HudBay Minerals’s dividend payout ratio is currently 1.37%.

Wall Street Analyst Weigh In

Several analysts have issued reports on HBM shares. National Bankshares reissued an “outperform” rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Raymond James Financial reissued an “outperform” rating on shares of HudBay Minerals in a research note on Friday, October 10th. Wall Street Zen cut shares of HudBay Minerals from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 25th. Zacks Research upgraded shares of HudBay Minerals from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. Finally, Scotiabank restated an “outperform” rating on shares of HudBay Minerals in a report on Tuesday, October 28th. Three investment analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $19.50.

Hedge Funds Weigh In On HudBay Minerals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. TD Waterhouse Canada Inc. increased its stake in shares of HudBay Minerals by 183.0% in the third quarter. TD Waterhouse Canada Inc. now owns 500,982 shares of the mining company’s stock worth $7,708,000 after purchasing an additional 323,938 shares in the last quarter. Federated Hermes Inc. lifted its holdings in shares of HudBay Minerals by 25.3% in the 3rd quarter. Federated Hermes Inc. now owns 130,972 shares of the mining company’s stock worth $1,986,000 after acquiring an additional 26,444 shares during the last quarter. Triasima Portfolio Management inc. bought a new stake in shares of HudBay Minerals in the 3rd quarter worth approximately $8,057,000. Campbell & CO Investment Adviser LLC bought a new stake in shares of HudBay Minerals in the 3rd quarter worth approximately $1,454,000. Finally, Robeco Schweiz AG lifted its holdings in shares of HudBay Minerals by 7.4% in the 3rd quarter. Robeco Schweiz AG now owns 1,155,000 shares of the mining company’s stock worth $17,510,000 after acquiring an additional 80,000 shares during the last quarter. 57.82% of the stock is currently owned by institutional investors and hedge funds.

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.