Hecla Mining Company (NYSE:HL) saw its share price increase by 8.3% on Friday, reaching a high of $22.87 before closing at $22.6140. The trading session recorded a volume of 17,067,601 shares, which represented a significant decline of 40% from the average daily trading volume of 28,219,764 shares. Prior to this surge, the stock had closed at $20.89.
Analyst reports have played a crucial role in influencing investor sentiment towards Hecla Mining. Notably, Wall Street Zen upgraded the stock from a “hold” rating to a “buy” on November 2, 2023. In contrast, Weiss Ratings maintained a “hold (C+)” rating on December 29, 2023. Roth MKM set a cautious tone by reaffirming a “sell” rating with a price target of $16.00 on January 27, 2024. Meanwhile, Canaccord Genuity Group issued a more optimistic price objective of $26.50 on January 23, 2024. Zacks Research also upgraded its stance, moving from “hold” to “strong-buy” on January 12, 2024.
Currently, the consensus among analysts includes one strong buy, one buy, seven holds, and one sell rating, according to data from MarketBeat. The overall consensus rating is “hold,” with a price target set at $22.00.
Insider activity has also been notable. On December 17, 2023, Vice President David C. Sienko sold 207,553 shares at an average price of $19.42, totaling approximately $4,030,679.26. Following this transaction, Sienko retained ownership of 906,370 shares, valued at $17,601,705.40, marking an 18.63% decrease in his holdings. Another vice president, Kurt Allen, sold 52,219 shares on January 6, 2024, for an average price of $21.91, amounting to $1,144,118.29. This sale reduced his ownership by 19.42%, leaving him with 216,641 shares valued at $4,746,604.31.
Corporate insiders now own approximately 0.62% of Hecla Mining’s stock, while institutional investors hold a substantial 63.01%. Recent trading activity among institutional investors indicates a growing interest in the company. For instance, Ninety One UK Ltd increased its stake by 1.7% during the third quarter, now owning 6,219,902 shares valued at $75,261,000 after acquiring an additional 103,009 shares. Other investors, including the Maryland State Retirement & Pension System and Yousif Capital Management LLC, also acquired new stakes in Hecla Mining during the same period.
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 of the Coeur d’Alene district, the company has diversified into a broader mining enterprise, concentrating on the exploration, development, and production of silver and gold, while also benefiting from by-product credits from lead and zinc. Hecla’s principal operations extend across North America and Latin America.
As the trading day concluded, the developments surrounding Hecla Mining illustrate the dynamic nature of the stock market and the influence of analyst ratings on investor behavior.
