Scotiabank Issues Pessimistic Forecast for Hecla Mining (NYSE:HL) Stock Price

Key Points

• Scotiabank lowered its price target on Hecla Mining from $25 to $21 and kept a sector perform rating, implying about 35% upside from the current price.
• Analyst sentiment on the stock remains mixed overall: the consensus rating is Hold with a consensus target price of $24.12, after several recent rating changes from other firms.
• Hecla Mining recently reported quarterly EPS of $0.24, missing estimates, even though revenue rose 57.4% year over year to $411.43 million and came in slightly above forecasts.

Hecla Mining (NYSE:HL - Get Free Report) had its price target cut by equities researchers at Scotiabank from $25.00 to $21.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "sector perform" rating on the basic materials company's stock. Scotiabank's price target indicates a potential upside of 35.01% from the stock's current price.

Other equities research analysts have also recently issued reports about the stock. Wall Street Zen cut shares of Hecla Mining from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Canaccord Genuity Group raised Hecla Mining from a "hold" rating to a "buy" rating and set a $24.00 target price for the company in a research report on Wednesday, April 29th. HC Wainwright reduced their price objective on Hecla Mining from $36.50 to $26.75 and set a "buy" rating on the stock in a research note on Wednesday, May 6th. Finally, Weiss Ratings downgraded shares of Hecla Mining from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, June 5th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $24.12.

Hecla Mining Price Performance

NYSE:HL traded up $0.30 during trading hours on Tuesday, reaching $15.55. 19,127,266 shares of the company were exchanged, compared to its average volume of 22,011,805. The company has a current ratio of 4.94, a quick ratio of 4.53 and a debt-to-equity ratio of 0.10. The firm has a market cap of $10.43 billion, a PE ratio of 37.92 and a beta of 1.29. Hecla Mining has a twelve month low of $5.62 and a twelve month high of $34.17. The stock's 50-day moving average is $16.62 and its 200-day moving average is $19.76.

Hecla Mining (NYSE:HL - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The basic materials company reported $0.24 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.03). Hecla Mining had a return on equity of 16.89% and a net margin of 17.41%.The firm had revenue of $411.43 million during the quarter, compared to analyst estimates of $407.63 million. During the same period in the prior year, the firm earned $0.04 earnings per share. The business's revenue was up 57.4% on a year-over-year basis.

Institutional Trading of Hecla Mining

A number of hedge funds have recently bought and sold shares of the company. Handelsbanken Fonder AB boosted its holdings in Hecla Mining by 10.2% in the second quarter. Handelsbanken Fonder AB now owns 218,916 shares of the basic materials company's stock valued at $3,378,000 after acquiring an additional 20,300 shares during the last quarter. Steadtrust LLC lifted its position in Hecla Mining by 1.8% during the 2nd quarter. Steadtrust LLC now owns 416,180 shares of the basic materials company's stock worth $6,422,000 after acquiring an additional 7,500 shares in the last quarter. Tactive Advisors LLC grew its stake in shares of Hecla Mining by 7.7% during the second quarter. Tactive Advisors LLC now owns 45,715 shares of the basic materials company's stock valued at $705,000 after acquiring an additional 3,282 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Hecla Mining in the 2nd quarter valued at approximately $2,941,000. Finally, Byrne Asset Management LLC boosted its stake in Hecla Mining by 87.7% during the 2nd quarter. Byrne Asset Management LLC now owns 14,241 shares of the basic materials company's stock valued at $220,000 after acquiring an additional 6,652 shares during the last quarter. Institutional investors and hedge funds 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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