Short Interest in Hudbay Minerals Inc. (NYSE:HBM) Rises By 12.7%

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) was the recipient of a significant growth in short interest in 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 trading volume of 3,580,000 shares, the short-interest ratio is presently 1.4 days.

Analysts Set New Price Targets

A number of research firms have weighed in on HBM. Bank of America raised Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price objective on the stock in a report on Tuesday, April 9th. National Bank Financial upgraded Hudbay Minerals from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 14th. Raymond James lifted their price objective on Hudbay Minerals from $9.00 to $10.50 and gave the company an “outperform” rating in a report on Wednesday, March 20th. StockNews.com raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Tuesday, May 21st. Finally, Jefferies Financial Group assumed coverage on shares of Hudbay Minerals in a report on Friday, May 3rd. They set a “hold” rating and a $13.00 price target for the company. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $10.21.

Institutional Investors Weigh In On Hudbay Minerals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Register Financial Advisors LLC bought a new position in Hudbay Minerals in the first quarter valued at about $35,000. Banque Cantonale Vaudoise boosted its stake in shares of 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 purchasing an additional 1,806 shares during the last quarter. Ballentine Partners LLC bought a new position in shares of Hudbay Minerals in the 1st quarter valued at about $85,000. Bank of Nova Scotia grew its position in shares of Hudbay Minerals by 19.1% during the 3rd quarter. Bank of Nova Scotia now owns 24,843 shares of the mining company’s stock worth $121,000 after buying an additional 3,979 shares during the period. Finally, Counterpoint Mutual Funds LLC bought a new stake in shares of Hudbay Minerals during the first quarter worth approximately $130,000. 57.82% of the stock is owned by institutional investors and hedge funds.

Hudbay Minerals Price Performance

NYSE:HBM traded up $0.07 during mid-day trading on Monday, reaching $9.12. 970,799 shares of the company were exchanged, compared to its average volume of 2,839,285. The company has a quick ratio of 1.00, a current ratio of 1.40 and a debt-to-equity ratio of 0.61. The stock has a market cap of $3.59 billion, a PE ratio of 40.09 and a beta of 1.82. Hudbay Minerals has a 12 month low of $3.94 and a 12 month high of $10.49. The company has a fifty day moving average of $9.03 and a 200 day moving average of $7.11.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last released its quarterly earnings results on Tuesday, May 14th. The mining company reported $0.16 EPS for the quarter, beating 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 business had revenue of $524.99 million for the quarter, compared to analysts’ expectations of $463.69 million. On average, research analysts anticipate that Hudbay Minerals will post 0.6 EPS for the current fiscal 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.