Short Interest in Hecla Mining Company (NYSE:HL) Grows By 59.0%

Key Points

• Short interest in Hecla Mining increased by 59.0% in September, with a total of 34,750,000 shares reported by September 30th, indicating a significant rise in bearish sentiment towards the stock.
• Hecla Mining reported $0.08 earnings per share for its last quarter, exceeding analyst expectations, with revenue reaching $304.03 million, a 23.8% increase year-over-year.
• The company recently announced a quarterly dividend of $0.0038 per share, representing a 0.1% dividend yield, with a payout ratio of 6.25%.

Hecla Mining Company (NYSE:HL - Get Free Report) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totaling 34,750,000 shares, a growth of 59.0% from the September 15th total of 21,860,000 shares. Based on an average daily volume of 25,050,000 shares, the days-to-cover ratio is presently 1.4 days. Based on an average daily volume of 25,050,000 shares, the days-to-cover ratio is presently 1.4 days.

Hecla Mining Stock Performance

Shares of HL traded up $0.17 during midday trading on Wednesday, reaching $12.98. The stock had a trading volume of 16,717,709 shares, compared to its average volume of 20,616,880. The firm has a market cap of $8.69 billion, a PE ratio of 81.10 and a beta of 1.31. The firm has a 50 day simple moving average of $10.77 and a 200-day simple moving average of $7.49. Hecla Mining has a one year low of $4.46 and a one year high of $15.44. The company has a current ratio of 2.67, a quick ratio of 1.99 and a debt-to-equity ratio of 0.23.

Hecla Mining (NYSE:HL - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. The business had revenue of $304.03 million during the quarter, compared to the consensus estimate of $248.93 million. Hecla Mining had a return on equity of 5.51% and a net margin of 9.55%.The company's quarterly revenue was up 23.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.02 EPS. As a group, sell-side analysts anticipate that Hecla Mining will post 0.21 EPS for the current year.

Hecla Mining Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given a $0.0038 dividend. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date of this dividend was Friday, August 22nd. Hecla Mining's payout ratio is presently 6.25%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on HL shares. CIBC upped their target price on shares of Hecla Mining from $12.50 to $15.00 and gave the stock a "neutral" rating in a research note on Friday, October 10th. Wall Street Zen upgraded Hecla Mining from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Roth Capital set a $8.75 target price on Hecla Mining and gave the company a "sell" rating in a research note on Friday, October 3rd. BMO Capital Markets upped their price target on Hecla Mining from $6.00 to $6.50 and gave the stock a "market perform" rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Hecla Mining in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $8.75.

Insider Transactions at Hecla Mining

In other news, VP Stuart Maurice Absolom sold 14,472 shares of the firm's stock in a transaction on Friday, September 12th. The stock was sold at an average price of $11.29, for a total value of $163,388.88. Following the transaction, the vice president directly owned 73,200 shares in the company, valued at $826,428. This trade represents a 16.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.62% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Transce3nd LLC acquired a new position in shares of Hecla Mining in the 2nd quarter valued at approximately $25,000. USA Financial Formulas acquired a new position in Hecla Mining during the third quarter valued at approximately $25,000. Migdal Insurance & Financial Holdings Ltd. bought a new stake in Hecla Mining during the first quarter worth $31,000. EverSource Wealth Advisors LLC increased its stake in shares of Hecla Mining by 255.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 6,156 shares of the basic materials company's stock valued at $37,000 after purchasing an additional 4,425 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Hecla Mining during the 2nd quarter worth $44,000. 63.01% of the stock is owned by institutional investors.

About Hecla Mining

Hecla Mining Company, together with its subsidiaries, provides precious and base metal properties in the United States, Canada, Japan, Korea, and China. The company mines for silver, gold, lead, and zinc concentrates, as well as carbon material containing silver and gold for custom smelters, metal traders, and third-party processors; and doré containing silver and gold.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.