Louisiana Retirement System Invests $3.68 Million in Hecla Mining

The Louisiana State Employees Retirement System has acquired a significant stake in Hecla Mining Company, investing approximately $3.68 million in the third quarter of 2023. This investment involved the purchase of 303,900 shares of the mining company, as disclosed in a recent 13F filing with the U.S. Securities and Exchange Commission (SEC).

Other institutional investors have also been active in adjusting their positions in Hecla Mining. For instance, Ninety One UK Ltd increased its holdings by 1.7%, bringing its total to 6,219,902 shares, valued at around $75.26 million after acquiring an additional 103,009 shares. Additionally, Yousif Capital Management LLC entered a new position valued at approximately $2.48 million during the same quarter, while B. Riley Wealth Advisors Inc. invested around $2.26 million in the preceding quarter.

TIAA Trust National Association significantly boosted its stake by 176.4%, now holding 41,519 shares valued at $249,000 following the acquisition of 26,499 shares. Hussman Strategic Advisors Inc. also increased its position by 20.0%, now owning 306,000 shares valued at approximately $1.83 million. Currently, institutional investors hold about 63.01% of Hecla Mining’s stock.

Market Performance and Recent Dividend

On November 24, 2023, Hecla Mining’s shares opened at $21.02, reflecting a slight decline of 1.7% on that day. The company boasts a market capitalization of $14.08 billion, a price-to-earnings (P/E) ratio of 67.79, and a beta of 1.28. Financial metrics reveal a current ratio of 2.15, a quick ratio of 1.51, and a debt-to-equity ratio of 0.11. The stock has fluctuated between a 12-month low of $4.46 and a high of $22.28.

Hecla Mining has also declared a quarterly dividend of $0.0038, which was distributed on December 8, 2023, to shareholders recorded as of November 24, 2023. This dividend translates to an annualized payment of $0.02, yielding approximately 0.1%. The company’s dividend payout ratio stands at 3.23%.

Analyst Ratings and Insider Transactions

Market analysts have recently provided their assessments of Hecla Mining. Scotiabank initiated coverage on the stock with a “sector perform” rating and a target price of $15.00. CIBC raised its price target from $15.00 to $16.50, maintaining a “neutral” rating. HC Wainwright increased its target from $12.50 to $16.50 and rated the stock as a “buy.” Conversely, Roth Capital set a lower price target of $8.75 and rated it as a “sell.” Overall, two analysts have rated the stock as a “buy,” six as “hold,” and one as a “sell,” leading to an average rating of “hold” with a price target of $10.22 according to MarketBeat.com.

In terms of insider trading, CFO Russell Douglas Lawlar sold 148,372 shares on November 10, 2023, at an average price of $15.00, totaling about $2.23 million. Following this transaction, Lawlar’s ownership decreased to 347,402 shares. Additionally, VP Kurt Allen sold 52,219 shares on January 6, 2024, at an average price of $21.91, resulting in a transaction value of approximately $1.14 million. Over the past 90 days, insiders have sold a total of 426,679 shares valued at around $7.68 million. Insiders currently hold 0.62% of the company’s stock.

Founded in 1891 and based in Coeur d’Alene, Idaho, Hecla Mining Company is among the oldest publicly traded precious metals firms in the United States. Initially focused on silver mining, the company has diversified into gold production while also exploring lead and zinc as by-products. Its operations extend across North America and Latin America.