Hudbay Minerals Inc. (NYSE:HBM) Sees Significant Drop in Short Interest

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) saw a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 4,860,000 shares, a drop of 11.5% from the November 15th total of 5,490,000 shares. Based on an average trading volume of 3,230,000 shares, the days-to-cover ratio is currently 1.5 days.

Wall Street Analyst Weigh In

Separately, StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, November 15th. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Hudbay Minerals presently has an average rating of “Buy” and an average price target of $11.17.

Hudbay Minerals Stock Down 2.6 %

NYSE HBM traded down $0.22 during trading hours on Tuesday, hitting $8.36. 6,023,031 shares of the company were exchanged, compared to its average volume of 3,149,942. 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 firm has a market cap of $3.29 billion, a price-to-earnings ratio of 36.35 and a beta of 1.77. The company has a 50 day moving average of $9.08 and a two-hundred day moving average of $8.61. Hudbay Minerals has a 52-week low of $4.94 and a 52-week high of $10.49.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly earnings results on Wednesday, November 13th. The mining company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.09. The company had revenue of $485.80 million for the quarter, compared to analysts’ expectations of $454.47 million. Hudbay Minerals had a return on equity of 7.44% and a net margin of 4.23%. Hudbay Minerals’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm earned $0.07 earnings per share. Equities research analysts anticipate that Hudbay Minerals will post 0.55 earnings per share for the current year.

Institutional Investors Weigh In On Hudbay Minerals

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

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.