Hudbay Minerals Inc (NYSE:HBM) (TSE:HBM) was the target of a significant decrease in short interest in November. As of November 29th, there was short interest totalling 1,450,000 shares, a decrease of 37.0% from the November 14th total of 2,300,000 shares. Based on an average daily trading volume, of 741,400 shares, the days-to-cover ratio is presently 2.0 days. Approximately 0.7% of the shares of the stock are sold short.
A number of equities analysts have commented on HBM shares. ValuEngine lowered Hudbay Minerals from a “buy” rating to a “hold” rating in a research note on Saturday, November 23rd. Scotiabank downgraded Hudbay Minerals from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, November 12th. CIBC reissued a “hold” rating and set a $5.00 target price on shares of Hudbay Minerals in a report on Friday, September 6th. Finally, Zacks Investment Research raised Hudbay Minerals from a “strong sell” rating to a “hold” rating in a report on Friday, October 18th. Eight analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Hudbay Minerals currently has a consensus rating of “Hold” and a consensus target price of $7.55.
Shares of NYSE:HBM traded up $0.21 during midday trading on Wednesday, hitting $3.87. The stock had a trading volume of 1,207,800 shares, compared to its average volume of 852,333. The company’s 50-day moving average price is $3.55 and its 200-day moving average price is $4.07. Hudbay Minerals has a fifty-two week low of $2.99 and a fifty-two week high of $7.83. The company has a quick ratio of 1.61, a current ratio of 2.09 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $956.26 million, a P/E ratio of 9.92 and a beta of 3.01.
Hudbay Minerals (NYSE:HBM) (TSE:HBM) last announced its quarterly earnings data on Monday, November 11th. The mining company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). Hudbay Minerals had a negative net margin of 27.35% and a negative return on equity of 0.71%. The firm had revenue of $291.28 million during the quarter, compared to the consensus estimate of $295.75 million. During the same period last year, the business earned $0.09 earnings per share. The business’s revenue was down 19.7% compared to the same quarter last year. Research analysts expect that Hudbay Minerals will post -0.14 EPS for the current fiscal year.
Several hedge funds have recently modified their holdings of the business. Brave Asset Management Inc. acquired a new position in shares of Hudbay Minerals during the 3rd quarter worth $38,000. Cubist Systematic Strategies LLC acquired a new position in Hudbay Minerals during the second quarter worth about $73,000. Bank of Nova Scotia acquired a new position in Hudbay Minerals during the second quarter worth about $77,000. Marshall Wace North America L.P. acquired a new position in Hudbay Minerals during the second quarter worth about $222,000. Finally, Invesco Ltd. lifted its holdings in shares of Hudbay Minerals by 28.3% in the second quarter. Invesco Ltd. now owns 63,947 shares of the mining company’s stock worth $346,000 after acquiring an additional 14,108 shares during the last quarter. 62.88% of the stock is currently owned by hedge funds and other institutional investors.
Hudbay Minerals Company Profile
Hudbay Minerals Inc, an integrated mining company, together with its subsidiaries, focuses on the discovery, production, and marketing of base and precious metals in North and South America. It produces copper concentrates containing copper, gold, and silver; and zinc metal. The company owns three polymetallic mines, four ore concentrators, and a zinc production facility in northern Manitoba and Saskatchewan, Canada, as well as in Cusco, Peru; and copper projects in Arizona and Nevada, the United States.
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