Harmony Gold Mining (NYSE:HMY) Trading Down 6.3% – Should You Sell?

Harmony Gold Mining Company Limited (NYSE:HMY)’s stock price dropped 6.3% on Wednesday . The stock traded as low as $14.48 and last traded at $14.4360. 896,268 shares were traded during trading, a decline of 82% from the average session volume of 4,975,253 shares. The stock had previously closed at $15.40.

Analyst Ratings Changes

A number of brokerages have issued reports on HMY. Zacks Research raised shares of Harmony Gold Mining from a “strong sell” rating to a “hold” rating in a report on Monday, May 11th. Wall Street Zen downgraded shares of Harmony Gold Mining from a “buy” rating to a “hold” rating in a report on Saturday, June 20th. Finally, Morgan Stanley upgraded shares of Harmony Gold Mining to an “overweight” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Harmony Gold Mining presently has an average rating of “Moderate Buy” and a consensus target price of $16.00.

Harmony Gold Mining Price Performance

The company’s 50-day simple moving average is $16.50 and its 200 day simple moving average is $18.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.38 and a current ratio of 0.54.

Hedge Funds Weigh In On Harmony Gold Mining

A number of institutional investors and hedge funds have recently modified their holdings of HMY. Jones Financial Companies Lllp lifted its position in Harmony Gold Mining by 210.4% in the first quarter. Jones Financial Companies Lllp now owns 18,165 shares of the mining company’s stock worth $268,000 after buying an additional 12,312 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake 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 worth $82,289,000 after acquiring an additional 3,806,468 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in Harmony Gold Mining in the 2nd quarter valued at about $171,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Harmony Gold Mining during the second quarter worth approximately $424,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Harmony Gold Mining by 13.9% during the second quarter. EverSource Wealth Advisors LLC now owns 10,516 shares of the mining company’s stock valued at $147,000 after buying an additional 1,280 shares during the period. Hedge funds and other institutional investors own 31.79% of the company’s stock.

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.