Short Interest in Hudbay Minerals Inc. (NYSE:HBM) Declines By 16.5%

Hudbay Minerals Inc. (NYSE:HBM - Get Free Report) TSE: HBM saw a large decline in short interest in May. As of May 15th, there was short interest totalling 8,090,000 shares, a decline of 16.5% from the April 30th total of 9,690,000 shares. Approximately 2.1% of the shares of the stock are sold short. Based on an average daily volume of 7,360,000 shares, the short-interest ratio is currently 1.1 days.

Hudbay Minerals Stock Performance

Shares of HBM traded up $0.29 during mid-day trading on Thursday, reaching $9.66. The company's stock had a trading volume of 7,583,492 shares, compared to its average volume of 7,150,972. Hudbay Minerals has a 1-year low of $5.95 and a 1-year high of $9.86. The stock has a market cap of $3.82 billion, a P/E ratio of 53.67 and a beta of 1.56. The business has a 50-day simple moving average of $7.71 and a two-hundred day simple moving average of $8.13. The company has a current ratio of 1.86, a quick ratio of 1.47 and a debt-to-equity ratio of 0.44.

Hudbay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last posted its quarterly earnings data on Monday, May 12th. The mining company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.14. Hudbay Minerals had a return on equity of 7.29% and a net margin of 3.80%. The firm had revenue of $594.90 million for the quarter, compared to analyst estimates of $537.36 million. During the same quarter last year, the company earned $0.22 EPS. The company's revenue was up 13.3% on a year-over-year basis. As a group, equities research analysts anticipate that Hudbay Minerals will post 0.79 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Hudbay Minerals

Several hedge funds have recently modified their holdings of HBM. Pictet Asset Management Holding SA lifted its holdings in Hudbay Minerals by 2.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 66,380 shares of the mining company's stock worth $538,000 after buying an additional 1,278 shares during the period. SBI Securities Co. Ltd. increased its position in Hudbay Minerals by 64.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 3,773 shares of the mining company's stock valued at $29,000 after buying an additional 1,481 shares in the last quarter. Federated Hermes Inc. increased its position in Hudbay Minerals by 1.4% in the 1st quarter. Federated Hermes Inc. now owns 126,836 shares of the mining company's stock valued at $963,000 after buying an additional 1,794 shares in the last quarter. Sprott Inc. increased its holdings in Hudbay Minerals by 3.5% during the 4th quarter. Sprott Inc. now owns 63,662 shares of the mining company's stock worth $516,000 after purchasing an additional 2,162 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in Hudbay Minerals by 3.9% during the 4th quarter. Alliancebernstein L.P. now owns 72,730 shares of the mining company's stock worth $589,000 after purchasing an additional 2,740 shares in the last quarter. Institutional investors and hedge funds own 57.82% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on HBM shares. BMO Capital Markets started coverage on shares of Hudbay Minerals in a report on Wednesday, April 16th. They issued an "outperform" rating on the stock. Wall Street Zen upgraded Hudbay Minerals from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Scotiabank restated an "outperform" rating on shares of Hudbay Minerals in a research note on Tuesday, May 13th. Stifel Canada raised Hudbay Minerals to a "strong-buy" rating in a research note on Wednesday, March 19th. Finally, Desjardins began coverage on Hudbay Minerals in a research report on Friday, April 4th. They set a "buy" rating for the company. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $14.00.

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.