Hudbay Minerals Inc. (NYSE:HBM) Sees Large Drop in Short Interest

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) saw a large decline in short interest in January. As of January 31st, there was short interest totalling 5,580,000 shares, a decline of 7.8% from the January 15th total of 6,050,000 shares. Based on an average daily trading volume, of 4,640,000 shares, the days-to-cover ratio is presently 1.2 days.

Hudbay Minerals Price Performance

Hudbay Minerals stock traded down $0.21 during midday trading on Tuesday, reaching $8.95. The company’s stock had a trading volume of 9,530,862 shares, compared to its average volume of 6,143,717. The stock has a market cap of $3.53 billion, a PE ratio of 38.89 and a beta of 1.74. The company has a current ratio of 1.86, a quick ratio of 1.47 and a debt-to-equity ratio of 0.44. Hudbay Minerals has a 52 week low of $5.22 and a 52 week high of $10.49. The business has a 50-day moving average price of $8.60 and a 200-day moving average price of $8.54.

Institutional Investors Weigh In On Hudbay Minerals

Several hedge funds and other institutional investors have recently made changes to their positions in HBM. Exchange Traded Concepts LLC acquired a new stake in Hudbay Minerals in the third quarter valued at approximately $53,000. Creative Planning boosted its holdings in shares of Hudbay Minerals by 37.1% during the 3rd quarter. Creative Planning now owns 29,142 shares of the mining company’s stock valued at $268,000 after acquiring an additional 7,881 shares in the last quarter. Vontobel Holding Ltd. grew its position in Hudbay Minerals by 22.3% during the 3rd quarter. Vontobel Holding Ltd. now owns 200,838 shares of the mining company’s stock worth $1,847,000 after acquiring an additional 36,657 shares during the last quarter. Blue Trust Inc. grew its position in Hudbay Minerals by 73.8% during the 3rd quarter. Blue Trust Inc. now owns 25,439 shares of the mining company’s stock worth $230,000 after acquiring an additional 10,806 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Hudbay Minerals in the 3rd quarter worth about $3,601,000. 57.82% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Hudbay Minerals from a “hold” rating to a “buy” rating in a research report on Friday, February 7th. Five equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $11.17.

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.