Short Interest in HudBay Minerals Inc (NYSE:HBM) Expands By 266.4%

Key Points

• Short interest in HudBay Minerals Inc. surged by 266.4% in July, totaling 16,050,000 shares, indicating a significant increase in investor bearishness.
• The company recently reported earnings of $0.19 per share, exceeding analyst expectations of $0.11, while also experiencing a year-over-year revenue increase of 26.1%.
• HudBay Minerals declared a semi-annual dividend of $0.0073, reflecting a yield increase to 10.0%, effective September 19th.

HudBay Minerals Inc (NYSE:HBM - Get Free Report) TSE: HBM was the target of a large increase in short interest in the month of July. As of July 31st, there was short interest totaling 16,050,000 shares, anincreaseof266.4% from the July 15th total of 4,380,000 shares. Based on an average trading volume of 7,780,000 shares, the short-interest ratio is currently 2.1 days. Currently,4.1% of the shares of the company are short sold. Currently,4.1% of the shares of the company are short sold. Based on an average trading volume of 7,780,000 shares, the short-interest ratio is currently 2.1 days.

HudBay Minerals Stock Up 0.3%

NYSE HBM traded up $0.03 on Friday, hitting $11.02. 6,145,353 shares of the company were exchanged, compared to its average volume of 7,501,904. The stock has a fifty day moving average of $10.01 and a 200-day moving average of $8.61. HudBay Minerals has a 12 month low of $5.95 and a 12 month high of $12.10. The company has a market cap of $4.36 billion, a PE ratio of 15.10, a PEG ratio of 0.29 and a beta of 1.63. The company has a current ratio of 2.32, a quick ratio of 1.92 and a debt-to-equity ratio of 0.42.

HudBay Minerals (NYSE:HBM - Get Free Report) TSE: HBM last announced its quarterly earnings data on Wednesday, August 13th. The mining company reported $0.19 EPS for the quarter, beating analysts' consensus estimates of $0.11 by $0.08. HudBay Minerals had a return on equity of 10.91% and a net margin of 13.13%. The firm had revenue of $536.40 million during the quarter, compared to analysts' expectations of $558.21 million. The company's revenue for the quarter was up 26.1% compared to the same quarter last year. As a group, analysts forecast 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 will be paid on Friday, September 19th. Investors of record on Tuesday, September 2nd will be given a $0.0073 dividend. This represents a yield of 10.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from HudBay Minerals's previous semi-annual dividend of $0.01. HudBay Minerals's payout ratio is currently 1.37%.

Institutional Investors Weigh In On HudBay Minerals

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Alliancebernstein L.P. boosted 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 acquiring an additional 2,740 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of HudBay Minerals by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 190,940 shares of the mining company's stock valued at $1,565,000 after purchasing an additional 6,973 shares in the last quarter. Advisory Services Network LLC purchased a new position in HudBay Minerals during the fourth quarter worth about $101,000. Raymond James Financial Inc. bought a new stake in HudBay Minerals in the 4th quarter worth about $183,000. Finally, Barclays PLC increased its stake in HudBay Minerals by 7.9% in the 4th quarter. Barclays PLC now owns 93,286 shares of the mining company's stock valued at $756,000 after buying an additional 6,811 shares during the last quarter. 57.82% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on HBM shares. Raymond James Financial raised HudBay Minerals to a "moderate buy" rating in a report on Monday, June 30th. National Bankshares reiterated an "outperform" rating on shares of HudBay Minerals in a research note on Thursday. Veritas upgraded HudBay Minerals to a "strong-buy" rating in a research note on Monday, July 7th. Scotiabank reiterated an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, May 13th. Finally, CIBC restated an "outperform" rating on shares of HudBay Minerals in a research report on Tuesday, July 15th. Six investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, HudBay Minerals currently has a consensus rating of "Buy".

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.

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