Hudbay Minerals Inc. (NYSE:HBM) Short Interest Down 10.9% in March

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 7,710,000 shares, a drop of 10.9% from the March 15th total of 8,650,000 shares. Based on an average daily volume of 2,170,000 shares, the days-to-cover ratio is currently 3.6 days.

Hudbay Minerals Stock Down 1.1 %

Shares of NYSE:HBM traded down $0.08 during trading on Tuesday, hitting $7.57. 2,831,762 shares of the company’s stock traded hands, compared to its average volume of 2,194,488. Hudbay Minerals has a 52 week low of $3.94 and a 52 week high of $8.11. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.61. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 37.80, a price-to-earnings-growth ratio of 0.75 and a beta of 1.95. The company has a 50-day moving average price of $6.39 and a 200-day moving average price of $5.43.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last released its earnings results on Friday, February 23rd. The mining company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.14 by $0.06. The firm had revenue of $602.20 million for the quarter, compared to analysts’ expectations of $552.74 million. Hudbay Minerals had a return on equity of 3.86% and a net margin of 3.95%. The business’s quarterly revenue was up 87.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.01 EPS. As a group, research analysts forecast that Hudbay Minerals will post 0.44 EPS for the current fiscal year.

Hudbay Minerals Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Friday, March 22nd. Investors of record on Tuesday, March 5th were issued a dividend of $0.0074 per share. This represents a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, March 4th. Hudbay Minerals’s payout ratio is presently 5.00%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in HBM. Tower Research Capital LLC TRC increased its holdings in shares of Hudbay Minerals by 2,894.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 5,330 shares of the mining company’s stock worth $26,000 after acquiring an additional 5,152 shares during the last quarter. U S Global Investors Inc. acquired a new position in shares of Hudbay Minerals during the 3rd quarter worth approximately $29,000. Register Financial Advisors LLC acquired a new position in shares of Hudbay Minerals during the 1st quarter worth approximately $35,000. Osaic Holdings Inc. increased its holdings in shares of Hudbay Minerals by 290.9% during the 2nd quarter. Osaic Holdings Inc. now owns 8,185 shares of the mining company’s stock worth $39,000 after acquiring an additional 6,091 shares during the last quarter. Finally, Banque Cantonale Vaudoise increased its holdings in shares of Hudbay Minerals by 38.7% during the 1st quarter. Banque Cantonale Vaudoise now owns 6,471 shares of the mining company’s stock worth $45,000 after acquiring an additional 1,806 shares during the last quarter. 57.82% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on HBM. StockNews.com upgraded Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, March 29th. Raymond James raised their target price on Hudbay Minerals from $9.00 to $10.50 and gave the stock an “outperform” rating in a report on Wednesday, March 20th. Bank of America upgraded Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Tuesday, April 9th. Finally, Stifel Nicolaus initiated coverage on Hudbay Minerals in a report on Tuesday, March 26th. They set a “buy” rating on the stock. Nine research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Hudbay Minerals presently has a consensus rating of “Buy” and a consensus price target of $9.75.

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.