Bank of Nova Scotia Invests $12.35 Million in Hecla Mining Company $HL

Key Points

• Bank of Nova Scotia purchased 800,296 Hecla Mining shares worth approximately $12.35 million during the second quarter, giving it a 0.12% stake. Institutional investors collectively own 63.01% of the company.
• Hecla reported quarterly EPS of $0.17, slightly below the $0.18 consensus estimate, while revenue of $333.85 million also missed expectations but increased 9.8% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $23.82, compared with shares recently trading at $20.39. The company also declared a quarterly dividend of $0.0038 per share.

Bank of Nova Scotia purchased a new position in Hecla Mining Company (NYSE:HL - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 800,296 shares of the basic materials company's stock, valued at approximately $12,349,000. Bank of Nova Scotia owned 0.12% of Hecla Mining at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Quadrant Capital Group LLC lifted its holdings in Hecla Mining by 74.3% during the fourth quarter. Quadrant Capital Group LLC now owns 1,480 shares of the basic materials company's stock valued at $28,000 after purchasing an additional 631 shares during the last quarter. Sittner & Nelson LLC purchased a new stake in shares of Hecla Mining during the 4th quarter valued at approximately $29,000. Rothschild Investment LLC lifted its stake in shares of Hecla Mining by 93.5% during the 4th quarter. Rothschild Investment LLC now owns 1,616 shares of the basic materials company's stock valued at $31,000 after buying an additional 781 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in Hecla Mining during the 4th quarter valued at $31,000. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Hecla Mining by 134.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,670 shares of the basic materials company's stock worth $32,000 after acquiring an additional 957 shares in the last quarter. Hedge funds and other institutional investors own 63.01% of the company's stock.

Hecla Mining Stock Performance

Shares of NYSE:HL opened at $20.39 on Tuesday. The firm has a market capitalization of $13.69 billion, a PE ratio of 41.60 and a beta of 1.32. Hecla Mining Company has a 52-week low of $7.78 and a 52-week high of $34.17. The firm has a fifty day moving average of $16.21 and a 200 day moving average of $18.24.

Hecla Mining (NYSE:HL - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.01). The firm had revenue of $333.85 million for the quarter, compared to the consensus estimate of $368.75 million. Hecla Mining had a return on equity of 18.91% and a net margin of 20.84%.The company's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the firm earned $0.09 EPS. On average, sell-side analysts forecast that Hecla Mining Company will post 0.46 EPS for the current fiscal year.

Hecla Mining Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Wednesday, August 26th will be given a $0.0038 dividend. This represents a $0.01 dividend on an annualized basis and a yield of 0.1%. The ex-dividend date is Wednesday, August 26th. Hecla Mining's dividend payout ratio (DPR) is presently 2.04%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. HC Wainwright cut their price target on Hecla Mining from $36.50 to $26.75 and set a "buy" rating for the company in a report on Wednesday, May 6th. Jefferies Financial Group assumed coverage on Hecla Mining in a research note on Thursday. They issued a "hold" rating and a $22.00 target price for the company. Canaccord Genuity Group upgraded Hecla Mining from a "hold" rating to a "buy" rating and set a $24.00 price target on the stock in a research report on Wednesday, April 29th. Scotiabank decreased their price target on Hecla Mining from $25.00 to $21.00 and set a "sector perform" rating on the stock in a research report on Tuesday, July 14th. Finally, Zacks Research raised shares of Hecla Mining to a "hold" rating in a report on Friday, July 17th. Two analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $23.82.

Hecla Mining Company Profile

Hecla Mining Company, founded in 1891 and headquartered in Coeur d'Alene, Idaho, is one of the oldest publicly traded precious metals companies in the United States. Originally established to develop the rich silver deposits of the Coeur d'Alene district, Hecla has evolved into a diversified mining enterprise focused on the exploration, development and production of silver and gold, with by-product credits from lead and zinc.

The company's principal operations are located in North America and Latin America.

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