Harmony Gold Mining (NYSE:HMY) Shares Gap Up - Here's What Happened

Key Points

• Harmony Gold Mining (NYSE:HMY) shares gapped up pre-market, opening at $17.78 versus a prior close of $16.86 and last trading at $17.7750 on about 2.05 million shares.
• Analysts have been active: Morgan Stanley upgraded HMY to overweight, and the consensus is a Moderate Buy with an average price target of $16.00, which is below the current trading level.
• The company disclosed a $0.3124 dividend payable May 5 to holders of record on April 24, which the article reports as representing a yield of 430.0%.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report)'s stock price gapped up prior to trading on Thursday . The stock had previously closed at $16.86, but opened at $17.78. Harmony Gold Mining shares last traded at $17.7750, with a volume of 2,053,083 shares changing hands.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Harmony Gold Mining to an "overweight" rating in a research note on Thursday. Wall Street Zen cut shares of Harmony Gold Mining from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 14th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Harmony Gold Mining in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Harmony Gold Mining presently has an average rating of "Moderate Buy" and an average price target of $16.00.

Harmony Gold Mining Price Performance

The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.03. The firm's 50-day moving average is $17.98 and its two-hundred day moving average is $19.02.

Harmony Gold Mining Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Tuesday, May 5th. Investors of record on Friday, April 24th will be given a $0.3124 dividend. This represents a yield of 430.0%. The ex-dividend date is Friday, April 24th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of HMY. FIL Ltd bought a new position in Harmony Gold Mining in the 4th quarter worth approximately $111,182,000. Goldman Sachs Group Inc. raised 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 acquiring an additional 3,806,468 shares during the last quarter. AQR Capital Management LLC raised 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 acquiring an additional 2,936,552 shares during the last quarter. Arrowstreet Capital Limited Partnership raised 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 acquiring an additional 2,276,099 shares during the last quarter. Finally, Man Group plc raised 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 acquiring an additional 1,880,708 shares during the last quarter. Institutional investors own 31.79% of the company's stock.

Harmony Gold Mining Company Profile

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.

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