Hudbay Minerals Inc (HBM) Sees Significant Decline in Short Interest

Hudbay Minerals Inc (NYSE:HBM) (TSE:HBM) saw a large drop in short interest in April. As of April 28th, there was short interest totalling 2,631,404 shares, a drop of 32.9% from the April 13th total of 3,922,728 shares. Based on an average trading volume of 523,783 shares, the days-to-cover ratio is currently 5.0 days. Approximately 1.1% of the shares of the stock are short sold.

Several equities research analysts recently weighed in on the company. TheStreet raised Hudbay Minerals from a “d” rating to a “c-” rating in a report on Tuesday, February 21st. BMO Capital Markets assumed coverage on Hudbay Minerals in a report on Thursday, February 2nd. They set a “market perform” rating on the stock. Zacks Investment Research raised Hudbay Minerals from a “hold” rating to a “strong-buy” rating and set a $8.00 price objective on the stock in a report on Monday, January 23rd. Credit Suisse Group AG reissued a “neutral” rating on shares of Hudbay Minerals in a report on Tuesday, April 18th. Finally, ValuEngine raised Hudbay Minerals from a “hold” rating to a “buy” rating in a report on Thursday, May 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $8.06.

A number of hedge funds and other institutional investors have recently made changes to their positions in HBM. FMR LLC bought a new position in shares of Hudbay Minerals during the first quarter valued at about $23,754,000. AGF Investments Inc. raised its position in shares of Hudbay Minerals by 1,778.1% in the first quarter. AGF Investments Inc. now owns 2,048,158 shares of the mining company’s stock valued at $13,445,000 after buying an additional 1,939,102 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Hudbay Minerals by 4,386.1% in the first quarter. Great West Life Assurance Co. Can now owns 1,880,425 shares of the mining company’s stock valued at $12,350,000 after buying an additional 1,838,508 shares during the period. Bank of Montreal Can raised its position in shares of Hudbay Minerals by 29.9% in the first quarter. Bank of Montreal Can now owns 3,534,946 shares of the mining company’s stock valued at $23,154,000 after buying an additional 813,675 shares during the period. Finally, Two Sigma Investments LP bought a new position in shares of Hudbay Minerals during the fourth quarter valued at about $4,342,000. Institutional investors own 59.61% of the company’s stock.

Shares of Hudbay Minerals (NYSE:HBM) opened at 5.40 on Friday. The firm’s market cap is $1.28 billion. Hudbay Minerals has a 12-month low of $3.57 and a 12-month high of $9.15. The company’s 50 day moving average price is $6.00 and its 200 day moving average price is $6.67.

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About Hudbay Minerals

Hudbay Minerals Inc is a Canada-based mining company. The Company is engaged in the production of copper concentrate, consisting of copper, gold and silver, as well as zinc metal. The Company is focused on the discovery, production and marketing of base and precious metals. The Company has assets in North and South America.

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