Zacks Investment Research Upgrades Harmony Gold Mining Co. (HMY) to Hold
Harmony Gold Mining Co. (NYSE:HMY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Estimates for Harmony Gold have been stable lately. Harmony has a diverse portfolio of gold development projects spread across South Africa and PNG. The company is making a good progress with its Wafi-Golpu project. The company is also progressing well with its cost reduction program. Moreover, it remains focused on improving gold grades. However, Harmony is exposed to geopolitical risks associated with potential mine shut downs and labor strikes. Its operations are also likely to be impacted by a slower-than-expected ramp-up in production at mines and gold price volatility. “
Several other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Harmony Gold Mining from a “neutral” rating to an “overweight” rating in a research note on Tuesday, July 12th. TheStreet upgraded shares of Harmony Gold Mining from a “sell” rating to a “hold” rating in a research note on Thursday, July 14th. Deutsche Bank AG upgraded shares of Harmony Gold Mining from a “hold” rating to a “buy” rating in a research note on Wednesday, July 6th. Citigroup Inc. restated a “sell” rating on shares of Harmony Gold Mining in a research note on Thursday, August 18th. Finally, Macquarie upgraded shares of Harmony Gold Mining from an “underperform” rating to a “neutral” rating in a research note on Friday, July 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Harmony Gold Mining has an average rating of “Hold” and an average target price of $5.00.
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Harmony Gold Mining (NYSE:HMY) traded up 11.87% during trading on Wednesday, hitting $3.77. 6,980,198 shares of the stock were exchanged. Harmony Gold Mining has a 1-year low of $0.53 and a 1-year high of $4.87. The company has a 50-day moving average price of $4.03 and a 200 day moving average price of $3.77. The firm has a market capitalization of $1.64 billion, a price-to-earnings ratio of 25.65 and a beta of -0.96.
The business also recently announced a semiannual dividend, which will be paid on Monday, September 26th. Shareholders of record on Friday, September 16th will be paid a dividend of $0.0372 per share. This represents a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, September 14th. Harmony Gold Mining’s dividend payout ratio is currently -4.11%.
Institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its position in Harmony Gold Mining by 199.6% in the second quarter. Royal Bank of Canada now owns 155,677 shares of the mining company’s stock valued at $561,000 after buying an additional 103,712 shares in the last quarter. American Century Companies Inc. bought a new position in Harmony Gold Mining during the second quarter valued at about $662,000. Numeric Investors LLC boosted its position in Harmony Gold Mining by 80.6% in the second quarter. Numeric Investors LLC now owns 5,213,101 shares of the mining company’s stock valued at $18,819,000 after buying an additional 2,326,837 shares in the last quarter. AQR Capital Management LLC boosted its position in Harmony Gold Mining by 109.8% in the second quarter. AQR Capital Management LLC now owns 520,009 shares of the mining company’s stock valued at $1,877,000 after buying an additional 272,118 shares in the last quarter. Finally, Paloma Partners Management Co bought a new position in Harmony Gold Mining during the second quarter valued at about $309,000. Institutional investors and hedge funds own 26.07% of the company’s stock.
Harmony Gold Mining Company Profile
Harmony Gold Mining Company Limited is a gold-mining and exploration company. The Company has operations in South Africa and Papua New Guinea. In South Africa, the Company’s operations are focused on the Witwatersrand Basin and the Kraaipan Greenstone Belt. The Company operates nine underground mines, one open-pit mine and several surface operations.
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