Harmony Gold Mining (NYSE:HMY) Shares Gap Down After Earnings Miss

Harmony Gold Mining Company Limited (NYSE:HMY) shares gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $22.43, but opened at $20.70. Harmony Gold Mining shares last traded at $21.4050, with a volume of 2,154,103 shares.

The mining company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.34). The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $3.20 billion.

Wall Street Analyst Weigh In

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

Institutional Trading of Harmony Gold Mining

Institutional investors and hedge funds have recently made changes to their positions in the company. Barometer Capital Management Inc. raised its stake in shares of Harmony Gold Mining by 1,118.8% in the 1st 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 period. Hsbc Holdings PLC purchased a new position in Harmony Gold Mining in the fourth quarter valued at about $1,815,000. U S Global Investors Inc. lifted its stake in shares of Harmony Gold Mining by 49.4% during the first quarter. U S Global Investors Inc. now owns 397,947 shares of the mining company’s stock worth $6,116,000 after purchasing an additional 131,538 shares in the last quarter. Assetmark Inc. grew its stake in shares of Harmony Gold Mining by 4,535.7% in the first quarter. Assetmark Inc. now owns 271,653 shares of the mining company’s stock valued at $4,175,000 after buying an additional 265,793 shares in the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of 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 valued at $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.

Harmony Gold Mining Trading Down 4.8%

The firm has a 50-day moving average of $17.14 and a 200 day moving average of $17.35. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.03.

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.