Amalgamated Bank Increases Hecla Mining Holdings by Over 800%

Amalgamated Bank has significantly increased its investment in Hecla Mining Company, boosting its holdings by an impressive 814.6% during the third quarter of 2023. The institutional investor now controls 188,378 shares of the mining company’s stock, valued at approximately $2,279,000 according to its filing with the Securities and Exchange Commission (SEC). This surge in ownership comes as several other institutional investors also adjusted their positions in Hecla Mining (NYSE: HL).

A variety of hedge funds have recently entered or modified their stakes in Hecla. For instance, Transce3nd LLC acquired a new position in the second quarter valued at about $25,000. Similarly, USA Financial Formulas made a comparable investment during the third quarter. EverSource Wealth Advisors LLC notably increased its holdings in Hecla Mining by 255.6% in the second quarter, bringing its total to 6,156 shares worth $37,000 after purchasing an additional 4,425 shares. Other notable transactions include Headlands Technologies LLC’s new position valued at approximately $44,000 and Salomon & Ludwin LLC’s stake of around $49,000. Currently, 63.01% of Hecla Mining’s stock is owned by institutional investors.

Analyst Ratings and Stock Performance

Several research analysts have recently evaluated Hecla Mining, resulting in varied ratings. Zacks Research upgraded the stock from a “hold” rating to a “strong-buy” rating in a report on January 12, 2024. Canaccord Genuity Group has set a target price of $26.50 for the company, while Weiss Ratings maintained a “hold (c+)” rating as of December 29, 2023. Wall Street Zen also elevated Hecla Mining from a “hold” to a “buy” rating in a report dated November 2, 2023. Roth Mkm set a lower price objective of $8.75 with a “sell” rating noted on October 3, 2023. Overall, the consensus rating stands at “hold” with an average target price of $12.72.

On the trading front, Hecla Mining’s stock experienced a slight uptick of 1.6%, opening at $31.79 on December 8, 2023. The company boasts a market capitalization of $21.30 billion, with a price-to-earnings ratio of 102.54. Over the past year, the stock has fluctuated significantly, reaching a low of $4.46 and a high of $32.16. Financial metrics reveal a debt-to-equity ratio of 0.11, a quick ratio of 1.51, and a current ratio of 2.15.

Financial Results and Dividend Announcement

Hecla Mining reported its latest earnings on November 5, 2023, revealing earnings per share (EPS) of $0.12, surpassing analysts’ expectations of $0.11 by a narrow margin. The company generated revenue of $409.54 million for the quarter, significantly exceeding the analyst estimate of $315.60 million. Year-over-year, Hecla Mining’s revenue rose by 67.1%, climbing from an EPS of $0.03 in the same quarter the previous year. Analysts predict that Hecla Mining Company will achieve an EPS of $0.21 for the current fiscal year.

In addition to its financial performance, Hecla Mining announced a quarterly dividend of $0.0038 per share, paid on December 8, 2023. The dividend, which reflects an annualized payout of $0.02, has a yield of 0.0% and a payout ratio of 3.23%.

Recent insider transactions reveal considerable activity, with Vice President Kurt Allen selling 52,219 shares on January 6, 2024, at an average price of $21.91, totalling approximately $1,144,118.29. Following this sale, Allen retained 216,641 shares valued at about $4,746,604.31. Additionally, Vice President David C. Sienko sold 207,553 shares on December 17, 2023, for a total of $4,030,679.26. These transactions indicate a decrease in their respective holdings by 19.42% and 18.63%.

Hecla Mining, established in 1891 and headquartered in Coeur d’Alene, Idaho, is one of the oldest publicly traded precious metals companies in the United States. The company is primarily focused on silver and gold mining, with its operations situated across North America and Latin America.