Short Interest in Hudbay Minerals Inc. (NYSE:HBM) Declines By 7.8%

Hudbay Minerals Inc. (NYSE:HBM) (TSE:HBM) was the recipient of a large decrease in short interest in January. As of January 31st, there was short interest totalling 5,580,000 shares, a decrease 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

Shares of NYSE HBM traded up $0.07 during mid-day trading on Monday, hitting $9.14. 8,186,011 shares of the company’s stock traded hands, compared to its average volume of 5,437,501. The company’s 50-day moving average is $8.61 and its two-hundred day moving average is $8.53. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.86 and a quick ratio of 1.47. The company has a market capitalization of $3.61 billion, a P/E ratio of 39.72 and a beta of 1.74. Hudbay Minerals has a 1 year low of $5.22 and a 1 year high of $10.49.

Analysts Set New Price Targets

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 research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Hudbay Minerals currently has a consensus rating of “Buy” and a consensus target price of $11.17.

Institutional Trading of Hudbay Minerals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HBM. Tower Research Capital LLC TRC raised its position in Hudbay Minerals by 9,877.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,093 shares of the mining company’s stock worth $25,000 after purchasing an additional 3,062 shares during the period. Prospera Private Wealth LLC purchased a new stake in Hudbay Minerals in the 3rd quarter worth about $28,000. Exchange Traded Concepts LLC purchased a new stake in Hudbay Minerals in the 3rd quarter worth about $53,000. Algert Global LLC purchased a new stake in Hudbay Minerals in the 4th quarter worth about $86,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in Hudbay Minerals in the 3rd quarter worth about $92,000. 57.82% of the stock is owned by hedge funds and other institutional investors.

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.