HudBay Minerals Inc (NYSE:HBM) Short Interest Update

Key Points

• Short interest in HudBay Minerals dropped by 32.7% in August, falling to 10.8 million shares from 16.05 million in July, indicating a potentially more favorable trading environment.
• Several financial institutions have reaffirmed or raised their ratings on HudBay Minerals, with a consensus rating of "Buy" among analysts.
• HudBay Minerals announced a semi-annual dividend of $0.0073 per share, reflecting an increase from the previous dividend, resulting in a substantial 17.0% yield.

HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM was the target of a large decrease in short interest in the month of August. As of August 15th, there was short interest totaling 10,800,000 shares, a decrease of 32.7% from the July 31st total of 16,050,000 shares. Based on an average daily trading volume, of 7,910,000 shares, the days-to-cover ratio is presently 1.4 days. Based on an average daily trading volume, of 7,910,000 shares, the days-to-cover ratio is presently 1.4 days.

Analysts Set New Price Targets

Several equities research analysts have weighed in on HBM shares. Wall Street Zen upgraded HudBay Minerals from a "buy" rating to a "strong-buy" rating in a report on Wednesday. National Bankshares restated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Royal Bank Of Canada restated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday, August 14th. Veritas upgraded HudBay Minerals to a "strong-buy" rating in a research note on Monday, July 7th. Finally, The Goldman Sachs Group assumed coverage on HudBay Minerals in a research note on Monday. They set a "buy" rating for the company. Two research analysts have rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy".

HudBay Minerals Stock Down 0.2%

Shares of NYSE HBM traded down $0.03 during mid-day trading on Friday, reaching $13.54. 5,299,442 shares of the company were exchanged, compared to its average volume of 7,244,768. The firm has a 50-day moving average of $10.82 and a 200 day moving average of $9.09. HudBay Minerals has a 1 year low of $5.95 and a 1 year high of $13.64. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of 18.55, a P/E/G ratio of 0.33 and a beta of 1.51. The company has a quick ratio of 0.86, a current ratio of 1.03 and a debt-to-equity ratio of 0.20.

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

HudBay Minerals Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Friday, September 19th. Stockholders of record on Tuesday, September 2nd will be issued a $0.0073 dividend. This is a boost from HudBay Minerals's previous semi-annual dividend of $0.01. This represents a dividend yield of 17.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. HudBay Minerals's dividend payout ratio is currently 1.37%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. GMT Capital Corp acquired a new position in shares of HudBay Minerals in the second quarter valued at about $337,809,000. Vanguard Group Inc. boosted its stake in shares of HudBay Minerals by 0.9% in the first quarter. Vanguard Group Inc. now owns 15,398,817 shares of the mining company's stock worth $116,738,000 after buying an additional 131,012 shares during the last quarter. L1 Capital Pty Ltd boosted its stake in shares of HudBay Minerals by 4.4% in the second quarter. L1 Capital Pty Ltd now owns 15,054,087 shares of the mining company's stock worth $159,864,000 after buying an additional 630,703 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of HudBay Minerals by 2.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,993,620 shares of the mining company's stock worth $113,657,000 after buying an additional 331,121 shares during the last quarter. Finally, Hancock Prospecting Pty Ltd purchased a new stake in shares of HudBay Minerals in the second quarter worth about $154,359,000. 57.82% of the stock is owned by institutional investors and hedge funds.

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.