Hecla Mining (NYSE:HL) Shares Gap Down - Here's Why

Key Points

• Hecla Mining shares opened 4.6% lower at $18.96 after previously closing at $19.87, though they later recovered near $19.89.
• Analyst sentiment remains mixed but leans toward “Hold”: two analysts rate the stock Buy, six Hold and one Sell, with a consensus price target of $23.82.
• Hecla’s latest quarterly results slightly missed expectations, with EPS of $0.17 versus $0.18 expected and revenue of $333.85 million versus $368.75 million forecast, while revenue still increased 9.8% year over year.

Hecla Mining Company (NYSE:HL - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $19.87, but opened at $18.96. Hecla Mining shares last traded at $19.8860, with a volume of 4,140,839 shares trading hands.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Jefferies Financial Group began coverage on shares of Hecla Mining in a report on Thursday, August 20th. They set a "hold" rating and a $22.00 target price on the stock. HC Wainwright dropped their price objective on shares of Hecla Mining from $36.50 to $26.75 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. Scotiabank cut their price objective on shares of Hecla Mining from $25.00 to $21.00 and set a "sector perform" rating on the stock in a report on Tuesday, July 14th. Weiss Ratings raised Hecla Mining from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, August 5th. Finally, Zacks Research raised 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 given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $23.82.

Hecla Mining Trading Down 2.2%

The firm has a fifty day moving average of $16.67 and a 200 day moving average of $18.16. The company has a market capitalization of $13.05 billion, a P/E ratio of 39.64 and a beta of 1.32.

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

Hecla Mining Dividend Announcement

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

Institutional Investors Weigh In On Hecla Mining

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Hecla Mining during the 2nd quarter valued at $1,085,779,000. California State Teachers Retirement System grew its holdings in shares of Hecla Mining by 1,452.1% in the second quarter. California State Teachers Retirement System now owns 12,002,534 shares of the basic materials company's stock worth $185,199,000 after acquiring an additional 11,229,225 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Hecla Mining by 86.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 12,715,100 shares of the basic materials company's stock valued at $244,003,000 after acquiring an additional 5,906,313 shares during the last quarter. Van ECK Associates Corp increased its position in Hecla Mining by 15.3% during the second quarter. Van ECK Associates Corp now owns 38,174,114 shares of the basic materials company's stock valued at $589,027,000 after acquiring an additional 5,053,624 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Hecla Mining by 40.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,052,346 shares of the basic materials company's stock valued at $102,144,000 after acquiring an additional 4,928,130 shares during the period. Institutional investors own 63.01% of the company's stock.

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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