Hudbay Minerals Inc. (NYSE:HBM) Short Interest Up 12.7% in June

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 4,980,000 shares, an increase of 12.7% from the May 31st total of 4,420,000 shares. Based on an average trading volume of 3,580,000 shares, the short-interest ratio is presently 1.4 days.

Wall Street Analysts Forecast Growth

HBM has been the topic of several recent analyst reports. Stifel Nicolaus initiated coverage on Hudbay Minerals in a research note on Tuesday, March 26th. They issued a “buy” rating on the stock. Raymond James upped their price objective on Hudbay Minerals from $9.00 to $10.50 and gave the company an “outperform” rating in a research note on Wednesday, March 20th. StockNews.com upgraded Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Tuesday, May 21st. Jefferies Financial Group began coverage on Hudbay Minerals in a research note on Friday, May 3rd. They set a “hold” rating and a $13.00 price objective on the stock. Finally, Bank of America upgraded 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. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Hudbay Minerals currently has a consensus rating of “Buy” and a consensus target price of $10.21.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Letko Brosseau & Associates Inc. raised its position in shares of Hudbay Minerals by 0.7% during the 4th quarter. Letko Brosseau & Associates Inc. now owns 16,569,958 shares of the mining company’s stock valued at $91,609,000 after acquiring an additional 114,266 shares during the last quarter. L1 Capital Pty Ltd raised its position in shares of Hudbay Minerals by 15.1% during the 3rd quarter. L1 Capital Pty Ltd now owns 16,299,356 shares of the mining company’s stock valued at $79,378,000 after acquiring an additional 2,141,437 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Hudbay Minerals by 28.6% in the 4th 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 buying an additional 2,085,641 shares during the period. Vanguard Group Inc. grew its holdings in shares of Hudbay Minerals by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 8,694,436 shares of the mining company’s stock valued at $60,861,000 after buying an additional 272,635 shares during the period. Finally, Mackenzie Financial Corp grew its holdings in shares of Hudbay Minerals by 33.8% in the 4th quarter. Mackenzie Financial Corp now owns 5,014,948 shares of the mining company’s stock valued at $27,604,000 after buying an additional 1,266,717 shares during the period. Institutional investors own 57.82% of the company’s stock.

Hudbay Minerals Price Performance

NYSE HBM traded up $0.39 during trading on Wednesday, reaching $9.57. 1,642,399 shares of the company traded hands, compared to its average volume of 2,829,071. The company has a market cap of $3.76 billion, a price-to-earnings ratio of 41.57 and a beta of 1.82. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.00 and a current ratio of 1.40. Hudbay Minerals has a 1-year low of $3.94 and a 1-year high of $10.49. The stock’s 50 day moving average price is $9.09 and its two-hundred day moving average price is $7.17.

Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its earnings results on Tuesday, May 14th. The mining company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.03 by $0.13. The business had revenue of $524.99 million for the quarter, compared to the consensus estimate of $463.69 million. Hudbay Minerals had a return on equity of 6.22% and a net margin of 4.36%. As a group, analysts anticipate that Hudbay Minerals will post 0.6 EPS for the current year.

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.