On September 19, 2023, investment analysts at HC Wainwright cut their target price for Hecla Mining (NYSE:HL) from $9.25 to $9.00 in a recent report. This adjustment suggests a potential upside of 114.80% from the company’s previous close, according to FlyOnTheWall.
Shares of NYSE:HL opened at $4.19 on Tuesday. Over the past year, Hecla Mining has seen a low of $3.41 and a high of $7.00. The company currently has a current ratio of 1.71 and a quick ratio of 1.09, indicating fairly strong liquidity positions. Additionally, its debt-to-equity ratio stands at 0.28.
With a market capitalization of $2.59 billion and a P/E ratio of -46.56, Hecla Mining operates in the basic materials sector and exhibits some volatility with a beta value of 2.09. The 50-day moving average for the stock is $4.89, while the 200-day moving average is slightly higher at $5.39.
Notably, several institutional investors and hedge funds have recently adjusted their holdings in Hecla Mining’s stock. Captrust Financial Advisors increased its stake in shares by 104.3% during the second quarter, resulting in ownership of 9,659 additional shares valued at approximately $38,000.
Similarly, Verition Fund Management LLC made moves by acquiring a new position worth $40,000 during the second quarter.
Nomura Holdings Inc., Dark Forest Capital Management LP, and Belpointe Asset Management LLC also acquired new positions in Hecla Mining during various quarters.
Hecla Mining last reported its quarterly earnings on August 8th when it released earnings per share (EPS) figures of $0.03 for the quarter.
Although slightly below analysts’ expectations for revenue, which were estimated at $183.71 million, the company generated $178.13 million in revenue for the quarter.
Notably, Hecla Mining had a negative net margin of 6.52% but still managed to deliver a positive return on equity of 1.23%. In the same quarter of the previous year, the firm reported earnings per share of $0.04.
Sell-side analysts anticipate that Hecla Mining will post EPS figures of $0.03 for the current fiscal year.
Overall, Hecla Mining faces some challenges as reflected in HC Wainwright’s target price cut. However, it is important to note that this forecast represents just one perspective on the stock’s potential performance moving forward, and investors should conduct thorough research before making any investment decisions
[bs_slider_forecast ticker=”PRGO”]
Mixed Ratings and Insider Confidence in Hecla Mining’s Stock
On September 19, 2023, it was reported that several brokerages had recently released reports on HL or Hecla Mining. BMO Capital Markets initiated coverage on the stock, giving it an “outperform” rating and a price target of $5.50. Meanwhile, B. Riley lowered their price objective for Hecla Mining from $6.00 to $5.50, but maintained a “buy” rating for the company. TheStreet downgraded Hecla Mining from a “c-” rating to a “d+” rating in their report on September 12th. National Bank Financial also started covering shares of Hecla Mining and gave it an “outperform” rating with a price target of $7.50.
Additionally, TD Securities lowered their price objective for Hecla Mining from $8.00 to $7.50, but maintained a “buy” rating for the stock in their research note on August 10th. Overall, one analyst rated the stock as a sell, three gave it a hold rating, and seven issued a buy rating for Hecla Mining’s stock.
According to data from Bloomberg.com, the average overall rating for the company is currently labeled as “Moderate Buy.” Furthermore, the average price target stands at $6.88 per share.
Shifting focus to recent company news, it was revealed that Director George R. Johnson had purchased 8,500 shares of Hecla Mining’s stock in an August 22nd transaction. The average acquisition price per share amounted to $4.07 and totaled $34,595 overall. As a result of this purchase, Johnson now owns 25,773 shares in the company with an estimated value of approximately $104,896.
The details regarding this acquisition were disclosed through a legal filing with the SEC (Securities and Exchange Commission). Interested parties can access this filing via the provided hyperlink.
It should be noted that insiders currently hold 1.30% of Hecla Mining’s stock, suggesting a level of confidence in the company’s prospects.
As the information above indicates, the analysis and reports surrounding Hecla Mining present a mixed bag of ratings and opinions. While some analysts have raised concerns about the company, others maintain a positive outlook on its performance. The recent purchase of shares by Director George R. Johnson may further indicate confidence in Hecla Mining’s future.
Investors and stakeholders would be wise to carefully consider all available information before making any financial decisions regarding Hecla Mining.
