Harmony Gold Mining (NYSE:HMY) Trading Down 9.6% – Time to Sell?

Shares of Harmony Gold Mining Company Limited (NYSE:HMY) dropped 9.6% during trading on Friday . The stock traded as low as $15.73 and last traded at $15.6980. Approximately 2,216,547 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 5,197,427 shares. The stock had previously closed at $17.37.

Wall Street Analysts Forecast Growth

HMY has been the topic of several analyst reports. Zacks Research upgraded Harmony Gold Mining from a “strong sell” rating to a “hold” rating in a report on Monday. Weiss Ratings restated a “buy (b)” rating on shares of Harmony Gold Mining in a report on Thursday, January 22nd. Morgan Stanley upgraded Harmony Gold Mining to an “overweight” rating in a report on Thursday, April 16th. Finally, Wall Street Zen cut Harmony Gold Mining from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 14th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Harmony Gold Mining currently has an average rating of “Moderate Buy” and an average target price of $16.00.

Harmony Gold Mining Stock Down 8.7%

The business has a 50-day moving average of $16.46 and a 200 day moving average of $18.79. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.54 and a quick ratio of 0.38.

Harmony Gold Mining Announces Dividend

The business also recently declared a dividend, which was paid on Tuesday, May 5th. Investors of record on Friday, April 24th were given a $0.3124 dividend. This represents a yield of 372.0%. The ex-dividend date of this dividend was Friday, April 24th.

Institutional Investors Weigh In On Harmony Gold Mining

Several large investors have recently made changes to their positions in HMY. FIL Ltd purchased a new stake in shares of Harmony Gold Mining during the 4th quarter valued at $111,182,000. Goldman Sachs Group Inc. increased its position in shares of Harmony Gold Mining by 215.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,571,374 shares of the mining company’s stock valued at $82,289,000 after purchasing an additional 3,806,468 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Harmony Gold Mining by 286.6% during the 2nd quarter. AQR Capital Management LLC now owns 3,961,141 shares of the mining company’s stock valued at $54,248,000 after purchasing an additional 2,936,552 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Harmony Gold Mining by 7,504.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,306,431 shares of the mining company’s stock valued at $41,862,000 after purchasing an additional 2,276,099 shares during the last quarter. Finally, Man Group plc increased its position in shares of Harmony Gold Mining by 1,801.7% during the 2nd quarter. Man Group plc now owns 1,985,093 shares of the mining company’s stock valued at $27,732,000 after purchasing an additional 1,880,708 shares during the last quarter. 31.79% of the stock is owned by hedge funds and other institutional investors.

About Harmony Gold Mining

Harmony Gold Mining Company Limited is a South Africa–based precious metals producer primarily engaged in the exploration, mining and processing of gold. The company operates a portfolio of underground and surface mining operations, targeting both reef-hosted and alluvial deposits. In addition to gold, Harmony’s activities encompass the extraction of copper as a byproduct at its Papua New Guinea operations.

In South Africa, Harmony’s mining footprint includes deep-level underground operations in the Witwatersrand Basin, where it employs a combination of conventional and mechanized mining methods.