Harmony Gold Mining Co. (HMY) Downgraded by Zacks Investment Research to Hold
Harmony Gold Mining Co. (NYSE:HMY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.
According to Zacks, “Estimates for Harmony Gold for the current year have been stable lately. Harmony has a diverse portfolio of gold development projects spread across South Africa and PNG. The company is also making good progress in producing better quality gold ounces. Harmony also remains committed to its cash control initiatives. However, the company has underperformed the Zacks categorized Mining-Gold industry over a year. It is faced with a volatile gold pricing environment. Harmony also remains exposed to issues such as mine shut downs and labor strikes.”
Several other research analysts have also commented on the company. Deutsche Bank AG lowered Harmony Gold Mining from a “hold” rating to a “sell” rating in a research report on Friday, March 17th. JPMorgan Chase & Co. cut Harmony Gold Mining from an “overweight” rating to an “underweight” rating in a research note on Friday, March 3rd. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $2.50.
Shares of Harmony Gold Mining (NYSE:HMY) traded up 0.93% during midday trading on Tuesday, reaching $2.18. The company’s stock had a trading volume of 1,323,396 shares. The stock’s 50-day moving average is $2.42 and its 200-day moving average is $2.51. Harmony Gold Mining has a one year low of $1.86 and a one year high of $4.87. The company has a market capitalization of $953.31 million, a P/E ratio of 4.52 and a beta of -1.75.
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Several hedge funds have recently made changes to their positions in the stock. Emerald Acquisition Ltd. boosted its stake in shares of Harmony Gold Mining by 5.8% in the third quarter. Emerald Acquisition Ltd. now owns 2,998,768 shares of the mining company’s stock valued at $10,498,000 after buying an additional 165,158 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Harmony Gold Mining during the fourth quarter valued at about $5,861,000. AQR Capital Management LLC boosted its stake in shares of Harmony Gold Mining by 93.7% in the fourth quarter. AQR Capital Management LLC now owns 932,174 shares of the mining company’s stock valued at $2,060,000 after buying an additional 450,828 shares during the last quarter. BlackRock Group LTD boosted its stake in shares of Harmony Gold Mining by 8.5% in the third quarter. BlackRock Group LTD now owns 904,291 shares of the mining company’s stock valued at $3,156,000 after buying an additional 71,212 shares during the last quarter. Finally, American Century Companies Inc. bought a new stake in shares of Harmony Gold Mining during the first quarter valued at about $1,794,000. Institutional investors and hedge funds own 29.67% of the company’s stock.
About Harmony Gold Mining
Harmony Gold Mining Company Limited, through its subsidiaries, is engaged in gold mining and related activities, including exploration, extraction and processing. The Company’s segments include South Africa Underground, Surface, and International. The South Africa Underground segment includes Kusasalethu, Doornkop, Phakisa, Tshepong, Masimong, Target 1, Bambanani, Joel, Unisel and Target 3.
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