Hecla Mining Company (NYSE: HL) experienced a notable surge in its share price, rising by 8.3% during trading on Friday. The stock reached a peak of $22.87 before closing at $22.6140. Approximately 17,067,601 shares were traded, reflecting a 40% decline compared to the average volume of 28,219,764 shares.
As the company’s stock fluctuated, analysts provided various insights and ratings. On November 2, 2023, Wall Street Zen upgraded Hecla Mining from a “hold” rating to a “buy” rating. This was followed by a reiteration of a “hold (C+)” rating by Weiss Ratings on December 29, 2023. Meanwhile, Roth MKM maintained a “sell” rating with a price target set at $16.00 as of January 27, 2024. Canaccord Genuity Group projected a more optimistic target of $26.50 for the stock, while Zacks Research upgraded the rating from “hold” to “strong-buy” on January 12, 2024.
The consensus among analysts currently stands at “Hold,” with an average price target of $22.00, according to data from MarketBeat. In total, one analyst has issued a “Strong Buy,” one a “Buy,” seven have opted for “Hold,” and one has given a “Sell” rating.
Insider Trading Activity and Institutional Investments
Recent insider trading has also drawn attention. Vice President David C. Sienko sold 207,553 shares on December 17, 2023, at an average price of $19.42, resulting in a transaction value of $4,030,679.26. Following this sale, Sienko retained 906,370 shares, valued at approximately $17,601,705.40, marking an 18.63% reduction in his stock ownership.
Another insider, Vice President Kurt Allen, sold 52,219 shares on January 6, 2024, at an average price of $21.91, totaling $1,144,118.29. After this sale, Allen continued to hold 216,641 shares, worth around $4,746,604.31, reflecting a 19.42% decrease in his holdings. Corporate insiders currently own 0.62% of the company’s shares.
Institutional trading has also seen significant activity, with several hedge funds adjusting their positions in Hecla Mining. Ninety One UK Ltd increased its stake by 1.7% during the third quarter, owning 6,219,902 shares valued at $75,261,000 after acquiring an additional 103,009 shares. Additionally, the Maryland State Retirement & Pension System acquired a new stake worth $1,150,000, while Yousif Capital Management LLC and Berman McAleer LLC made new investments valued at $2,483,000 and $593,000, respectively. Currently, institutional investors hold 63.01% of Hecla Mining’s stock.
About Hecla Mining Company
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 created to exploit the rich silver deposits in the Coeur d’Alene district, Hecla has grown into a diversified mining enterprise focused on the exploration, development, and production of silver and gold, alongside by-product credits from lead and zinc. The company’s principal operations are located in both North America and Latin America.
Investors and analysts will continue to monitor Hecla Mining’s stock performance, particularly in light of the recent ratings changes and insider trading activity.
