NEW YORK (TheStreet) -- Shares of Hecla Mining (HL) - Get Report closed lower by 1.4% to $2.81 on Wednesday afternoon, as some metals and mining stocks tumbled today due to the decline in the price of gold.
Gold prices traded in the red today as investors moved into assets seen as more risky, such as equities, Reuters reports. The metal gained yesterday after the Fed said it will be proceeding with caution in regards to interest rate hikes.
Despite today's decline gold is on track for its best quarter in about 30 years, Reuters noted. The metal is up by 16.4% so far this year as concerns about global economic growth sent investors flocking towards safe havens.
"Overall, the strength in gold has also been driven by global growth fears, and this is slowly ebbing as market participants get less afraid about the global economy. In the equity market today, prices are up again. The weakness in gold we're seeing today is a mirror image of the positive mood in financial markets overall," Carsten Menke, an analyst at Julius Baer told Reuters.
Gold for June delivery is lower by 0.84% to $1,227 per ounce on the COMEX this afternoon.
Hecla Mining is a Coeur d'Alene, ID-based company that discovers, acquires and produces gold, silver, lead and zinc.
Separately, TheStreet Ratings has set a "sell" rating and a score of D+ on Hecla Mining stock. This is driven by a few notable weaknesses, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HL