Harmony Gold Mining (NYSE:HMY) Hits New 52-Week High - Time to Buy?

Key Points

• Harmony Gold Mining's stock reached a new 52-week high of $18.77, having last traded at $18.59 with a significant trading volume of 699,379 shares.
• Analysts have mixed views on the stock, with BMO Capital Markets setting a price target of $16.00, while Zacks Research downgraded it to a "strong sell" with an average consensus price target of $12.20.
• The company declared a semi-annual dividend of $0.0893, offering a remarkable 120.0% yield, with the ex-dividend date set for October 10th.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $18.77 and last traded at $18.59, with a volume of 699379 shares changing hands. The stock had previously closed at $18.15.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on HMY shares. BMO Capital Markets started coverage on shares of Harmony Gold Mining in a research note on Thursday, July 17th. They issued a "market perform" rating and a $16.00 price target on the stock. Zacks Research downgraded shares of Harmony Gold Mining from a "hold" rating to a "strong sell" rating in a research note on Monday, September 22nd. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Reduce" and a consensus price target of $12.20.

Harmony Gold Mining Price Performance

The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.41. The company has a market capitalization of $11.70 billion, a P/E ratio of 10.88, a PEG ratio of 0.15 and a beta of 0.80. The stock's fifty day simple moving average is $15.29 and its 200-day simple moving average is $14.92.

Harmony Gold Mining Announces Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Monday, October 20th. Investors of record on Friday, October 10th will be given a $0.0893 dividend. This represents a yield of 120.0%. The ex-dividend date of this dividend is Friday, October 10th. Harmony Gold Mining's dividend payout ratio is 11.24%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in HMY. Colonial Trust Advisors acquired a new stake in shares of Harmony Gold Mining during the second quarter worth approximately $26,000. Spire Wealth Management bought a new position in Harmony Gold Mining in the first quarter valued at approximately $33,000. First Horizon Advisors Inc. bought a new position in Harmony Gold Mining in the second quarter valued at approximately $55,000. Hantz Financial Services Inc. boosted its position in shares of Harmony Gold Mining by 533.8% during the second quarter. Hantz Financial Services Inc. now owns 4,449 shares of the mining company's stock worth $62,000 after purchasing an additional 3,747 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new position in shares of Harmony Gold Mining during the second quarter worth $69,000. Institutional investors and hedge funds own 31.79% of the company's stock.

About Harmony Gold Mining

Harmony Gold Mining Company Limited engages in the exploration, extraction, and processing of gold. The company explores for uranium, silver, copper, and molybdenum deposits. It has eight underground operations in the Witwatersrand Basin; an open-pit mine on the Kraaipan Greenstone Belt; and various surface source operations in South Africa.

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