Hecla Mining Company (HL) Trading Down 6.3% Following Weak Earnings

Shares of Hecla Mining Company (NYSE:HL) dropped 6.3% on Thursday following a weaker than expected earnings announcement. The company traded as low as $4.87 and last traded at $5.09, with a volume of 6,912,569 shares trading hands. The stock had previously closed at $5.43.

The basic materials company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.01 by $0.05. The company had revenue of $134.30 million during the quarter, compared to analyst estimates of $130.54 million. Hecla Mining had a return on equity of 2.56% and a net margin of 7.88%. Hecla Mining’s revenue for the quarter was down 21.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.06 earnings per share.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Investors of record on Wednesday, August 23rd will be paid a $0.0025 dividend. This represents a $0.01 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date is Monday, August 21st. Hecla Mining’s payout ratio is presently 7.69%.

HL has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of Hecla Mining from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $6.00 target price on shares of Hecla Mining in a research note on Tuesday, May 30th. BidaskClub cut shares of Hecla Mining from a “hold” rating to a “sell” rating in a research report on Friday, June 16th. HC Wainwright reissued a “buy” rating and set a $8.00 price target on shares of Hecla Mining in a research report on Sunday, June 25th. Finally, TheStreet raised shares of Hecla Mining from a “c+” rating to a “b” rating in a research report on Monday, June 12th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $6.94.

A number of large investors have recently modified their holdings of the company. Ameriprise Financial Inc. boosted its stake in shares of Hecla Mining by 27.8% in the first quarter. Ameriprise Financial Inc. now owns 20,159 shares of the basic materials company’s stock valued at $106,000 after buying an additional 4,384 shares during the period. Trexquant Investment LP purchased a new stake in shares of Hecla Mining during the second quarter worth about $124,000. Pacad Investment Ltd. boosted its stake in shares of Hecla Mining by 10.4% in the second quarter. Pacad Investment Ltd. now owns 27,500 shares of the basic materials company’s stock worth $140,000 after buying an additional 2,600 shares during the last quarter. Advisor Group Inc. boosted its stake in shares of Hecla Mining by 148.1% in the second quarter. Advisor Group Inc. now owns 27,741 shares of the basic materials company’s stock worth $142,000 after buying an additional 16,561 shares during the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Hecla Mining during the second quarter worth about $143,000. 57.53% of the stock is currently owned by hedge funds and other institutional investors.

The stock has a market cap of $2.00 billion, a P/E ratio of 40.73 and a beta of 0.44. The stock’s 50 day moving average price is $5.17 and its 200 day moving average price is $5.53.

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About Hecla Mining

Hecla Mining Company is engaged in discovering, acquiring, developing and producing silver, gold, lead and zinc. The Company and its subsidiaries provide precious and base metals to the United States and around the world. It produces lead, zinc and bulk concentrates, which it markets to custom smelters and brokers, and unrefined bullion bars (dore) containing gold and silver.

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