Hecla Mining (NYSE:HL) Shares Down 16.5% on Disappointing Earnings

Hecla Mining (NYSE:HL) was down 16.5% during trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $1.60 and last traded at $1.67, approximately 21,212,284 shares traded hands during trading. An increase of 215% from the average daily volume of 6,735,304 shares. The stock had previously closed at $2.00.

The basic materials company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). Hecla Mining had a negative return on equity of 3.74% and a negative net margin of 10.40%. The company had revenue of $134.17 million for the quarter, compared to analyst estimates of $150.62 million. During the same period in the previous year, the business posted $0.01 EPS. The firm’s revenue for the quarter was down 8.9% compared to the same quarter last year.

A number of analysts have weighed in on HL shares. Zacks Investment Research raised shares of Hecla Mining from a “sell” rating to a “hold” rating in a report on Tuesday, June 11th. BMO Capital Markets set a $1.00 price objective on shares of Hecla Mining and gave the stock a “sell” rating in a report on Friday, July 19th. Canaccord Genuity cut shares of Hecla Mining from a “hold” rating to a “sell” rating in a report on Wednesday. Scotiabank lowered shares of Hecla Mining from a “sector perform” rating to an “underperform” rating and set a $1.00 target price on the stock. in a research report on Friday, May 10th. Finally, Bank of America set a $2.00 target price on shares of Hecla Mining and gave the stock a “sell” rating in a research report on Friday, June 7th. Six research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Hecla Mining has an average rating of “Hold” and a consensus target price of $2.43.

A number of large investors have recently bought and sold shares of the stock. Wedbush Securities Inc. acquired a new stake in Hecla Mining in the first quarter valued at $25,000. Piedmont Investment Advisors Inc. acquired a new position in shares of Hecla Mining during the 1st quarter worth $32,000. Heritage Investors Management Corp acquired a new position in shares of Hecla Mining during the 1st quarter worth $43,000. Raymond James & Associates raised its stake in shares of Hecla Mining by 14.1% during the 4th quarter. Raymond James & Associates now owns 38,519 shares of the basic materials company’s stock worth $91,000 after buying an additional 4,762 shares during the last quarter. Finally, AMG National Trust Bank raised its stake in shares of Hecla Mining by 57.8% during the 2nd quarter. AMG National Trust Bank now owns 71,000 shares of the basic materials company’s stock worth $128,000 after buying an additional 26,000 shares during the last quarter. Hedge funds and other institutional investors own 60.22% of the company’s stock.

The stock has a market capitalization of $918.98 million, a price-to-earnings ratio of -15.18 and a beta of 0.96. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.45 and a current ratio of 0.98. The company has a 50 day simple moving average of $1.81.

About Hecla Mining (NYSE:HL)

Hecla Mining Company, together with its subsidiaries, discovers, acquires, develops, and produces precious and base metal properties worldwide. The company offers lead, zinc, and bulk flotation concentrates to custom smelters and brokers; and unrefined gold and silver bullion bars to precious metals traders.

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