Short Interest in HudBay Minerals Inc (NYSE:HBM) Drops By 32.7%

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 saw a significant drop in short interest during the month of August. As of August 15th, there was short interest totaling 10,800,000 shares, adropof32.7% from the July 31st total of 16,050,000 shares. Based on an average daily trading volume, of 7,910,000 shares, the short-interest ratio is presently 1.4 days. Based on an average daily trading volume, of 7,910,000 shares, the short-interest ratio is presently 1.4 days.

Analysts Set New Price Targets

Several research firms recently commented on HBM. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, August 14th. National Bankshares reissued an "outperform" rating on shares of HudBay Minerals in a research report on Thursday, August 14th. Raymond James Financial raised HudBay Minerals to a "moderate buy" rating in a research report on Monday, June 30th. CIBC reissued an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. Finally, Veritas raised HudBay Minerals to a "strong-buy" rating in a research report on Monday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat.com, HudBay Minerals presently has a consensus rating of "Buy".

Hedge Funds Weigh In On HudBay Minerals

A number of large investors have recently bought and sold shares of HBM. Tower Research Capital LLC TRC lifted its holdings in shares of HudBay Minerals by 9,877.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,093 shares of the mining company's stock worth $25,000 after buying an additional 3,062 shares during the period. SBI Securities Co. Ltd. lifted its holdings in shares of HudBay Minerals by 64.6% in the 1st quarter. SBI Securities Co. Ltd. now owns 3,773 shares of the mining company's stock worth $29,000 after buying an additional 1,481 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of HudBay Minerals in the 1st quarter worth $33,000. Jones Financial Companies Lllp raised its position in shares of HudBay Minerals by 131.6% in the 1st quarter. Jones Financial Companies Lllp now owns 6,570 shares of the mining company's stock worth $50,000 after acquiring an additional 3,733 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new position in shares of HudBay Minerals in the 2nd quarter worth $84,000. Hedge funds and other institutional investors own 57.82% of the company's stock.

HudBay Minerals Stock Performance

Shares of NYSE HBM traded up $0.33 during trading on Friday, hitting $12.73. The company had a trading volume of 5,105,666 shares, compared to its average volume of 6,846,108. The stock has a 50 day simple moving average of $10.62 and a 200 day simple moving average of $8.94. The firm has a market capitalization of $5.04 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 0.31 and a beta of 1.51. HudBay Minerals has a 12 month low of $5.95 and a 12 month high of $12.81. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.86 and a current ratio of 1.03.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last posted its quarterly earnings results on Wednesday, August 13th. The mining company reported $0.19 earnings per share for the quarter, topping 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 business had revenue of $536.40 million during the quarter, compared to the consensus estimate of $558.21 million. HudBay Minerals's revenue was up 26.1% compared to the same quarter last year. As a group, analysts anticipate that HudBay Minerals will post 0.79 earnings per share for the current year.

HudBay Minerals Increases Dividend

The business also recently announced 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 positive change from HudBay Minerals's previous semi-annual dividend of $0.01. The ex-dividend date is Tuesday, September 2nd. This represents a dividend yield of 17.0%. HudBay Minerals's dividend payout ratio (DPR) is presently 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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