HudBay Minerals Inc (NYSE:HBM) Short Interest Update

Key Points

• The short interest in HudBay Minerals declined significantly by 60.1% in September, dropping to a total of 3,680,000 shares as of September 30th.
• Several analysts have given HudBay Minerals a positive outlook, with a consensus rating of "Buy" and an average price target of $19.50.
• The company has recently increased its semi-annual dividend to $0.0073 per share, reflecting a yield of 17.0%.

HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM was the recipient of a significant decline in short interest in the month of September. As of September 30th, there was short interest totaling 3,680,000 shares, a decline of 60.1% from the September 15th total of 9,230,000 shares. Based on an average trading volume of 7,330,000 shares, the short-interest ratio is presently 0.5 days. Based on an average trading volume of 7,330,000 shares, the short-interest ratio is presently 0.5 days.

Analysts Set New Price Targets

A number of research analysts recently issued reports on HBM shares. The Goldman Sachs Group started coverage on HudBay Minerals in a report on Monday, September 8th. They set a "buy" rating on the stock. CIBC reaffirmed an "outperform" rating on shares of HudBay Minerals in a report on Tuesday, July 15th. National Bankshares reaffirmed an "outperform" rating on shares of HudBay Minerals in a report on Thursday, August 14th. Zacks Research raised HudBay Minerals from a "hold" rating to a "strong-buy" rating in a report on Monday, October 13th. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of HudBay Minerals in a report on Friday, October 10th. Three equities research analysts have rated the stock with a Strong Buy rating and ten have given a Buy rating to the company. Based on data from MarketBeat.com, HudBay Minerals presently has a consensus rating of "Buy" and a consensus price target of $19.50.

Hedge Funds Weigh In On HudBay Minerals

Institutional investors have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Group Inc. increased its stake in HudBay Minerals by 142.8% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 100,303 shares of the mining company's stock worth $761,000 after purchasing an additional 58,999 shares in the last quarter. Ausbil Investment Management Ltd boosted its position in HudBay Minerals by 71.4% during the 2nd quarter. Ausbil Investment Management Ltd now owns 60,000 shares of the mining company's stock worth $635,000 after acquiring an additional 25,000 shares during the period. Millennium Management LLC boosted its position in HudBay Minerals by 298.5% during the 1st quarter. Millennium Management LLC now owns 6,115,053 shares of the mining company's stock worth $46,411,000 after acquiring an additional 4,580,718 shares during the period. Yaupon Capital Management LP boosted its position in HudBay Minerals by 21.9% during the 1st quarter. Yaupon Capital Management LP now owns 1,777,347 shares of the mining company's stock worth $13,490,000 after acquiring an additional 318,991 shares during the period. Finally, Anson Funds Management LP acquired a new stake in HudBay Minerals during the 1st quarter worth about $759,000. Hedge funds and other institutional investors own 57.82% of the company's stock.

HudBay Minerals Trading Down 4.9%

Shares of HBM opened at $16.40 on Friday. The business's 50-day moving average price is $13.58 and its 200 day moving average price is $10.49. The stock has a market capitalization of $6.49 billion, a P/E ratio of 22.46 and a beta of 1.55. HudBay Minerals has a 1-year low of $5.95 and a 1-year high of $17.73. The company has a current ratio of 1.03, a quick ratio of 0.86 and a debt-to-equity ratio of 0.20.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last issued its quarterly earnings results on Wednesday, August 13th. The mining company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.08. The firm had revenue of $536.40 million for the quarter, compared to analysts' expectations of $558.21 million. HudBay Minerals had a return on equity of 10.73% and a net margin of 13.13%.The company's quarterly revenue was up 26.1% compared to the same quarter last year. Analysts expect that HudBay Minerals will post 0.79 earnings per share for the current year.

HudBay Minerals Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Friday, September 19th. Investors of record on Tuesday, September 2nd were paid a $0.0073 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a yield of 17.0%. This is an increase from HudBay Minerals's previous semi-annual dividend of $0.01. HudBay Minerals's dividend payout ratio (DPR) is 1.37%.

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.

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