Harmony Gold Mining (NYSE:HMY) Stock Price Up 6.9% – Here’s Why

Harmony Gold Mining Company Limited (NYSE:HMY) shares rose 6.9% during trading on Friday . The stock traded as high as $23.58 and last traded at $23.54. 1,623,479 shares changed hands during trading, a decline of 64% from the average session volume of 4,563,954 shares. The stock had previously closed at $22.02.

Analysts Set New Price Targets

Several analysts recently weighed in on HMY shares. Zacks Research upgraded Harmony Gold Mining from a “strong sell” rating to a “hold” rating in a research report on Monday, May 11th. Weiss Ratings restated a “buy (b-)” rating on shares of Harmony Gold Mining in a research note on Friday, July 17th. Finally, Wall Street Zen raised shares of Harmony Gold Mining from a “hold” rating to a “buy” rating in a research note on Sunday, August 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Harmony Gold Mining has an average rating of “Moderate Buy”.

Harmony Gold Mining Trading Up 6.9%

The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.38 and a current ratio of 0.54. The stock has a 50 day moving average price of $16.82 and a 200 day moving average price of $17.33.

Institutional Investors Weigh In On Harmony Gold Mining

Several hedge funds have recently added to or reduced their stakes in HMY. Barometer Capital Management Inc. raised its stake in shares of Harmony Gold Mining by 1,118.8% during the first quarter. Barometer Capital Management Inc. now owns 117,000 shares of the mining company’s stock valued at $1,764,000 after acquiring an additional 107,400 shares during the last quarter. Hsbc Holdings PLC bought a new stake in shares of Harmony Gold Mining in the fourth quarter worth $1,815,000. U S Global Investors Inc. increased its holdings in Harmony Gold Mining by 49.4% in the first quarter. U S Global Investors Inc. now owns 397,947 shares of the mining company’s stock valued at $6,116,000 after purchasing an additional 131,538 shares during the period. Assetmark Inc. lifted its holdings in Harmony Gold Mining by 4,535.7% during the 1st quarter. Assetmark Inc. now owns 271,653 shares of the mining company’s stock worth $4,175,000 after buying an additional 265,793 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in Harmony Gold Mining by 75.0% during the 1st quarter. Quantinno Capital Management LP now owns 124,760 shares of the mining company’s stock worth $1,918,000 after buying an additional 53,466 shares during the period. 31.79% of the stock is currently owned by institutional investors and hedge funds.

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.