Hecla Mining Company (NYSE:HL) experienced a notable increase in its share price, rising by 8.3% during trading on Friday. The stock reached a high of $22.87 before settling at $22.61. A total of 17,067,601 shares traded hands, reflecting a 40% decline in volume compared to the average session volume of 28,219,764 shares. Previously, the stock had closed at $20.89.
Investor sentiment has shifted positively, as several analysts have recently updated their ratings on Hecla Mining. On November 2, 2023, Wall Street Zen upgraded the stock from a “hold” rating to a “buy” rating. Conversely, Weiss Ratings maintained a “hold (C+)” rating in a report issued on December 29, 2023. Roth MKM reaffirmed a “sell” rating, setting a price target of $16.00 in a report from January 27, 2024. In contrast, Canaccord Genuity Group established a price objective of $26.50 on January 23, 2024. Additionally, Zacks Research upgraded the stock from a “hold” to a “strong-buy” rating on January 12, 2024.
Current consensus data from MarketBeat indicates that Hecla Mining holds a “hold” rating with a price target averaging $22.00. The breakdown includes one analyst rating it as a strong buy, one as a buy, seven as hold, and one as sell.
Insider Transactions and Institutional Activity
In recent insider activity, Vice President David C. Sienko sold 207,553 shares on December 17, 2023, at an average price of $19.42, totaling approximately $4,030,679.26. Following this transaction, Sienko’s ownership dropped by 18.63% to 906,370 shares valued at about $17,601,705.40. The details of the transaction were disclosed in a filing with the Securities and Exchange Commission (SEC).
Similarly, Vice President Kurt Allen sold 52,219 shares on January 6, 2024, at an average price of $21.91, for a total of $1,144,118.29. After this sale, Allen’s holdings decreased by 19.42% to 216,641 shares valued at around $4,746,604.31. These transactions have been reported in SEC filings.
Corporate insiders collectively own 0.62% of Hecla Mining’s stock.
Several hedge funds have also been active in the market for Hecla Mining shares. Ninety One UK Ltd increased its holdings by 1.7% in the third quarter, acquiring an additional 103,009 shares, bringing its total to 6,219,902 shares worth approximately $75,261,000. Other investors include the Maryland State Retirement & Pension System, which acquired a new stake valued at $1,150,000, and Yousif Capital Management LLC, which invested $2,483,000 during the same period. Overall, institutional investors currently hold 63.01% of Hecla Mining’s stock.
Company Overview
Founded in 1891 and headquartered in Coeur d’Alene, Idaho, Hecla Mining Company is one of the oldest publicly traded precious metals companies in the United States. Originally focused on the rich silver deposits in the Coeur d’Alene district, Hecla has diversified its operations to include the exploration, development, and production of silver and gold, with additional by-product credits from lead and zinc. The company’s main operations are located in North America and Latin America.
As Hecla Mining continues to navigate the complexities of the market, investors are keenly watching how these developments will impact share prices and overall company performance in the coming months.
