Hudbay Minerals Inc. (NYSE:HBM) Short Interest Up 12.7% in June

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) saw a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 4,980,000 shares, a growth of 12.7% from the May 31st total of 4,420,000 shares. Based on an average daily trading volume, of 3,580,000 shares, the days-to-cover ratio is presently 1.4 days.

Institutional Investors Weigh In On Hudbay Minerals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Register Financial Advisors LLC purchased a new position in shares of Hudbay Minerals during the 1st quarter worth $35,000. Banque Cantonale Vaudoise raised its holdings in Hudbay Minerals by 38.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 6,471 shares of the mining company’s stock valued at $45,000 after buying an additional 1,806 shares during the period. Ballentine Partners LLC purchased a new stake in Hudbay Minerals in the 1st quarter valued at about $85,000. Counterpoint Mutual Funds LLC purchased a new stake in Hudbay Minerals in the 1st quarter valued at about $130,000. Finally, Bank of Nova Scotia raised its holdings in Hudbay Minerals by 19.1% in the 3rd quarter. Bank of Nova Scotia now owns 24,843 shares of the mining company’s stock valued at $121,000 after buying an additional 3,979 shares during the period. Institutional investors and hedge funds own 57.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. National Bank Financial raised shares of Hudbay Minerals from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Bank of America raised shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price objective on the stock in a research note on Tuesday, April 9th. StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Tuesday, May 21st. Jefferies Financial Group began coverage on shares of Hudbay Minerals in a research note on Friday, May 3rd. They set a “hold” rating and a $13.00 price objective on the stock. Finally, Stifel Nicolaus began coverage on shares of Hudbay Minerals in a research note on Tuesday, March 26th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $10.21.

Hudbay Minerals Price Performance

HBM traded up $0.39 on Wednesday, hitting $9.57. 1,642,399 shares of the company’s stock were exchanged, compared to its average volume of 2,829,071. Hudbay Minerals has a fifty-two week low of $3.94 and a fifty-two week high of $10.49. The company has a current ratio of 1.40, a quick ratio of 1.00 and a debt-to-equity ratio of 0.61. The firm has a 50-day moving average price of $9.09 and a 200-day moving average price of $7.17. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of 41.57 and a beta of 1.82.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Tuesday, May 14th. The mining company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.13. Hudbay Minerals had a net margin of 4.36% and a return on equity of 6.22%. The company had revenue of $524.99 million for the quarter, compared to analysts’ expectations of $463.69 million. As a group, equities analysts anticipate that Hudbay Minerals will post 0.6 earnings per share for the current year.

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.