Short Interest in Hudbay Minerals Inc. (NYSE:HBM) Declines By 17.2%

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) was the target of a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 4,910,000 shares, a drop of 17.2% from the September 15th total of 5,930,000 shares. Based on an average daily volume of 3,780,000 shares, the days-to-cover ratio is currently 1.3 days.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on HBM shares. Jefferies Financial Group raised shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research note on Wednesday, August 14th. StockNews.com lowered Hudbay Minerals from a “buy” rating to a “hold” rating in a report on Tuesday, August 13th. Finally, Stifel Canada upgraded Hudbay Minerals to a “strong-buy” rating in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Hudbay Minerals currently has a consensus rating of “Buy” and an average target price of $11.17.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Regal Partners Ltd acquired a new stake in Hudbay Minerals during the second quarter worth about $22,956,000. Artemis Investment Management LLP purchased a new position in Hudbay Minerals in the third quarter worth approximately $20,907,000. TD Asset Management Inc increased its stake in Hudbay Minerals by 199.4% during the second quarter. TD Asset Management Inc now owns 2,906,301 shares of the mining company’s stock worth $26,294,000 after acquiring an additional 1,935,709 shares during the last quarter. Galibier Capital Management Ltd. purchased a new stake in Hudbay Minerals in the first quarter valued at $12,604,000. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of Hudbay Minerals by 2,521.9% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 1,752,685 shares of the mining company’s stock valued at $15,861,000 after purchasing an additional 1,685,836 shares during the last quarter. Hedge funds and other institutional investors own 57.82% of the company’s stock.

Hudbay Minerals Price Performance

NYSE:HBM traded down $0.22 during trading hours on Monday, hitting $9.15. 153,548 shares of the stock were exchanged, compared to its average volume of 3,127,650. The firm’s fifty day moving average price is $8.02 and its 200 day moving average price is $8.42. Hudbay Minerals has a 52-week low of $3.94 and a 52-week high of $10.49. The company has a market cap of $3.60 billion, a P/E ratio of 40.74 and a beta of 1.77. The company has a current ratio of 1.86, a quick ratio of 1.49 and a debt-to-equity ratio of 0.47.

Hudbay Minerals Cuts Dividend

The company also recently disclosed a Semi-Annual dividend, which was paid on Friday, September 20th. Investors of record on Tuesday, September 3rd were paid a $0.007 dividend. This represents a yield of 0.2%. The ex-dividend date was Tuesday, September 3rd. Hudbay Minerals’s dividend payout ratio is currently 4.35%.

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.