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Hudbay Minerals Inc. (NYSE:HBM) Short Interest Update

Tuesday, May 4, 2021 | MarketBeat

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) saw a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 2,280,000 shares, a drop of 15.2% from the March 31st total of 2,690,000 shares. Based on an average daily volume of 1,390,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 1.1% of the company's shares are sold short.

A number of equities research analysts have issued reports on the stock. Scotiabank raised their price target on shares of Hudbay Minerals from $12.50 to $14.00 and gave the stock an "outperform" rating in a report on Monday, April 12th. Barclays lowered shares of Hudbay Minerals from an "overweight" rating to an "equal weight" rating and set a $8.00 price target on the stock. in a report on Wednesday, January 6th. Royal Bank of Canada raised shares of Hudbay Minerals from a "sector perform" rating to an "outperform" rating in a report on Wednesday, March 31st. Stifel Nicolaus raised their price target on shares of Hudbay Minerals from $12.00 to $13.25 and gave the stock a "buy" rating in a report on Wednesday, March 31st. Finally, CIBC lifted their target price on shares of Hudbay Minerals from $10.75 to $13.00 and gave the company an "outperform" rating in a research note on Monday, March 1st. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. The stock has a consensus rating of "Buy" and an average price target of $11.34.

HBM opened at $7.69 on Tuesday. The firm has a 50 day moving average price of $7.32 and a 200-day moving average price of $6.63. The company has a quick ratio of 1.81, a current ratio of 2.21 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -13.03 and a beta of 2.57. Hudbay Minerals has a twelve month low of $1.86 and a twelve month high of $8.54.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Thursday, February 18th. The mining company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. The company had revenue of $322.29 million during the quarter, compared to analyst estimates of $289.07 million. Hudbay Minerals had a negative net margin of 14.02% and a negative return on equity of 7.32%. As a group, analysts expect that Hudbay Minerals will post -0.49 earnings per share for the current year.

The business also recently disclosed a semi-annual dividend, which was paid on Friday, March 26th. Investors of record on Tuesday, March 9th were given a $0.0079 dividend. This is a positive change from Hudbay Minerals's previous semi-annual dividend of $0.01. This represents a dividend yield of 0.2%. The ex-dividend date was Monday, March 8th.

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC purchased a new position in shares of Hudbay Minerals during the 1st quarter worth $880,000. Morgan Stanley raised its stake in shares of Hudbay Minerals by 61.0% during the third quarter. Morgan Stanley now owns 748,088 shares of the mining company's stock worth $3,165,000 after purchasing an additional 283,506 shares during the last quarter. Exane Derivatives purchased a new position in Hudbay Minerals in the fourth quarter worth $34,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Hudbay Minerals by 22.4% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 715,120 shares of the mining company's stock valued at $5,005,000 after purchasing an additional 131,038 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of Hudbay Minerals by 131.4% in the 4th quarter. CIBC Asset Management Inc now owns 355,028 shares of the mining company's stock worth $2,479,000 after purchasing an additional 201,611 shares during the period. 67.37% of the stock is currently owned by hedge funds and other institutional investors.

Hudbay Minerals Company Profile

Hudbay Minerals Inc, a diversified mining company, together with its subsidiaries, focuses on the discovery, production, and marketing of base and precious metals in North and South America. It produces copper concentrates containing copper, gold, and silver; molybdenum concentrates; and zinc metals.

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