Hsbc Holdings PLC Trims Stake in Hecla Mining Company $HL

Key Points

• HSBC Holdings cut its Hecla Mining stake by 90% in the second quarter, selling 156,201 shares and retaining 17,382 shares valued at approximately $268,000.
• Institutional ownership remains substantial at 63.01%, with BlackRock, Geode Capital Management, and several other funds adding or initiating positions in Hecla Mining.
• Analysts maintain a consensus “Hold” rating with a $23.34 price target. Hecla’s latest quarterly results slightly missed earnings and revenue estimates, although revenue increased 9.8% year over year.

Hsbc Holdings PLC lessened its stake in shares of Hecla Mining Company (NYSE:HL - Free Report) by 90.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,382 shares of the basic materials company's stock after selling 156,201 shares during the quarter. Hsbc Holdings PLC's holdings in Hecla Mining were worth $268,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. U S Global Investors Inc. purchased a new position in Hecla Mining in the 1st quarter valued at about $1,397,000. BlackRock Inc. purchased a new stake in shares of Hecla Mining during the second quarter worth about $1,085,779,000. Geode Capital Management LLC grew its holdings in shares of Hecla Mining by 11.9% during the fourth quarter. Geode Capital Management LLC now owns 16,620,647 shares of the basic materials company's stock worth $319,000,000 after buying an additional 1,770,949 shares in the last quarter. Oxbow Advisors LLC acquired a new position in shares of Hecla Mining in the second quarter valued at approximately $7,456,000. Finally, Bank of Nova Scotia acquired a new position in shares of Hecla Mining in the second quarter valued at approximately $12,349,000. Hedge funds and other institutional investors own 63.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on HL shares. Weiss Ratings upgraded shares of Hecla Mining from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, September 8th. Zacks Research raised Hecla Mining to a "hold" rating in a research note on Friday, July 17th. Royal Bank Of Canada decreased their price objective on Hecla Mining from $24.00 to $20.00 and set an "outperform" rating on the stock in a report on Wednesday. Scotiabank dropped their target price on Hecla Mining from $25.00 to $21.00 and set a "sector perform" rating for the company in a research note on Tuesday, July 14th. Finally, Jefferies Financial Group assumed coverage on Hecla Mining in a research report on Thursday, August 20th. They set a "hold" rating and a $22.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Hecla Mining has an average rating of "Hold" and a consensus price target of $23.34.

Hecla Mining Stock Performance

NYSE HL opened at $17.98 on Thursday. The firm has a market capitalization of $12.08 billion, a price-to-earnings ratio of 36.70 and a beta of 1.38. Hecla Mining Company has a one year low of $10.38 and a one year high of $34.17. The company's 50 day moving average price is $17.72 and its 200 day moving average price is $17.91.

Hecla Mining (NYSE:HL - Get Free Report) last released its quarterly earnings data 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). Hecla Mining had a return on equity of 18.91% and a net margin of 20.84%.The business had revenue of $333.85 million during the quarter, compared to analyst estimates of $368.75 million. During the same period in the previous year, the company earned $0.09 EPS. Hecla Mining's revenue was up 9.8% on a year-over-year basis. Sell-side analysts forecast that Hecla Mining Company will post 0.46 EPS for the current fiscal year.

Hecla Mining Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Wednesday, August 26th were issued a $0.0038 dividend. This represents a $0.01 annualized dividend and a yield of 0.1%. The ex-dividend date was Wednesday, August 26th. Hecla Mining's dividend payout ratio is currently 2.04%.

About Hecla Mining

Hecla Mining Company NYSE: HL is a precious and base metals mining company focused primarily on the exploration, development, and production of silver, gold, lead, and zinc. The company sells concentrates and refined metals produced from its mining operations and also maintains a portfolio of exploration and development properties.

Founded in 1891, Hecla is one of the oldest U.S.-based mining companies. Its operating portfolio has included the Greens Creek silver, gold, lead, and zinc mine near Juneau, Alaska; the Lucky Friday silver, lead, and zinc mine in Idaho; the Keno Hill silver district in Yukon, Canada; and the Casa Berardi gold mine in Quebec, Canada.

Through these operations and related exploration activities, Hecla serves the North American metals market, with production and mineral assets located in the United States and Canada.

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