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

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) was the recipient of a large 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 short-interest ratio is currently 3.6 days.

Hedge Funds Weigh In On Hudbay Minerals

Hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in Hudbay Minerals by 28.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,375,985 shares of the mining company’s stock valued at $51,836,000 after acquiring an additional 2,085,641 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Hudbay Minerals in the 3rd quarter worth about $610,000. Cumberland Partners Ltd grew its holdings in shares of Hudbay Minerals by 31.3% in the 3rd quarter. Cumberland Partners Ltd now owns 685,100 shares of the mining company’s stock worth $3,348,000 after purchasing an additional 163,500 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Hudbay Minerals by 19.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 748,020 shares of the mining company’s stock worth $3,657,000 after purchasing an additional 122,540 shares during the last quarter. Finally, Jennison Associates LLC lifted its position in Hudbay Minerals by 18.5% during the 3rd quarter. Jennison Associates LLC now owns 1,324,367 shares of the mining company’s stock worth $6,451,000 after buying an additional 206,601 shares in the last quarter. Institutional investors and hedge funds own 57.82% of the company’s stock.

Hudbay Minerals Stock Down 1.1 %

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

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last posted its quarterly 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 business had revenue of $602.20 million during the quarter, compared to analyst estimates of $552.74 million. Hudbay Minerals had a net margin of 3.95% and a return on equity of 3.86%. The company’s quarterly revenue was up 87.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.01 EPS. As a group, research analysts expect that Hudbay Minerals will post 0.44 earnings per share for the current year.

Hudbay Minerals Cuts Dividend

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

Wall Street Analysts Forecast Growth

HBM has been the subject of several recent research reports. Stifel Nicolaus started coverage on shares of Hudbay Minerals in a research report on Tuesday, March 26th. They issued a “buy” rating for the company. StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Friday, March 29th. Raymond James lifted their price objective on shares of Hudbay Minerals from $9.00 to $10.50 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. Finally, Bank of America upgraded shares of Hudbay Minerals from a “neutral” rating to a “buy” rating and set a $9.00 price objective on the stock in a research note on Tuesday, April 9th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price 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.