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

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) saw a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 5,490,000 shares, an increase of 19.1% from the October 31st total of 4,610,000 shares. Based on an average trading volume of 3,340,000 shares, the days-to-cover ratio is currently 1.6 days.

Analysts Set New Price Targets

Several research firms have commented on HBM. StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Friday, November 15th. Jefferies Financial Group upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Hudbay Minerals has a consensus rating of “Buy” and a consensus target price of $11.17.

Hudbay Minerals Price Performance

NYSE:HBM opened at $8.76 on Tuesday. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of 38.07 and a beta of 1.78. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.47 and a current ratio of 1.86. The stock has a fifty day moving average of $9.12 and a 200 day moving average of $8.69. Hudbay Minerals has a 52-week low of $4.51 and a 52-week high of $10.49.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last issued its quarterly earnings data on Wednesday, November 13th. The mining company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.04 by $0.09. Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. The company had revenue of $485.80 million during the quarter, compared to analyst estimates of $454.47 million. During the same quarter in the previous year, the firm earned $0.07 earnings per share. Hudbay Minerals’s revenue was up 1.1% on a year-over-year basis. On average, research analysts expect that Hudbay Minerals will post 0.55 EPS for the current fiscal year.

Institutional Trading of Hudbay Minerals

Institutional investors and hedge funds have recently made changes to their positions in the stock. Prospera Private Wealth LLC bought a new position in Hudbay Minerals in the third quarter valued at $28,000. Exchange Traded Concepts LLC bought a new position in shares of Hudbay Minerals during the 3rd quarter valued at about $53,000. Clear Harbor Asset Management LLC purchased a new position in shares of Hudbay Minerals during the 3rd quarter valued at about $92,000. Ritholtz Wealth Management bought a new stake in Hudbay Minerals in the 2nd quarter worth approximately $96,000. Finally, Armistice Capital LLC purchased a new stake in Hudbay Minerals in the second quarter worth approximately $97,000. Hedge funds and other institutional investors own 57.82% of the company’s stock.

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.