Zacks Investment Research Upgrades Harmony Gold Mining Co. (HMY) to “Hold”
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 brokerages also recently weighed in on HMY. JPMorgan Chase & Co. raised shares of Harmony Gold Mining from a neutral rating to an overweight rating in a research note on Tuesday, July 12th. TheStreet upgraded Harmony Gold Mining from a sell rating to a hold rating in a report on Thursday, July 14th. Citigroup Inc. restated a sell rating on shares of Harmony Gold Mining in a report on Thursday, August 18th. Deutsche Bank AG upgraded Harmony Gold Mining from a hold rating to a buy rating in a report on Wednesday, July 6th. Finally, Macquarie upgraded Harmony Gold Mining from an underperform rating to a neutral rating in a report on Friday, July 1st. One investment 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’s stock. The company has an average rating of Hold and an average price target of $5.00.
Shares of Harmony Gold Mining (NYSE:HMY) opened at 3.35 on Tuesday. The company has a 50-day moving average of $4.16 and a 200 day moving average of $3.76. The firm has a market cap of $1.46 billion, a PE ratio of 22.19 and a beta of -0.96. Harmony Gold Mining has a one year low of $0.53 and a one year high of $4.87.
The company also recently announced a semiannual dividend, which will be paid on Monday, September 26th. Stockholders of record on Friday, September 16th will be issued a dividend of $0.0372 per share. This represents a dividend yield of 1.9%. The ex-dividend date is Wednesday, September 14th. Harmony Gold Mining’s payout ratio is currently -4.11%.
Several hedge funds have recently modified their holdings of HMY. Renaissance Technologies LLC boosted its stake in shares of Harmony Gold Mining by 30.7% in the first quarter. Renaissance Technologies LLC now owns 12,358,919 shares of the mining company’s stock worth $44,986,000 after buying an additional 2,901,720 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in shares of Harmony Gold Mining during the first quarter worth about $103,000. Acadian Asset Management LLC purchased a new stake in shares of Harmony Gold Mining during the first quarter worth about $13,875,000. JPMorgan Chase & Co. boosted its stake in shares of Harmony Gold Mining by 1,799.5% in the first quarter. JPMorgan Chase & Co. now owns 1,400,048 shares of the mining company’s stock worth $5,096,000 after buying an additional 1,326,343 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. purchased a new stake in shares of Harmony Gold Mining during the first quarter worth about $8,434,000. Institutional investors and hedge funds own 26.60% of the company’s stock.
About Harmony Gold Mining
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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