Harmony Gold Mining (NYSE:HMY) Shares Gap Up - Should You Buy?

Key Points

• Harmony Gold Mining shares jumped 9%: HMY opened at $20.01 versus a prior close of $18.05 and last traded at $19.69 on volume of roughly 1.66 million shares.
• Analyst sentiment remains moderately positive: MarketBeat reports a consensus “Moderate Buy” rating, although Wall Street Zen recently downgraded the stock to “Hold,” while Morgan Stanley upgraded it to “Overweight.”
• Institutional interest has increased: Several hedge funds, including Goldman Sachs and AQR Capital Management, expanded their positions, with institutional investors collectively owning 31.79% of the company.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $18.05, but opened at $20.01. Harmony Gold Mining shares last traded at $19.69, with a volume of 1,659,319 shares trading hands.

Analysts Set New Price Targets

Several analysts recently weighed in on HMY shares. Wall Street Zen cut Harmony Gold Mining from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Weiss Ratings reiterated a "buy (b-)" rating on shares of Harmony Gold Mining in a research report on Friday, July 17th. Morgan Stanley raised Harmony Gold Mining to an "overweight" rating in a report on Thursday, April 16th. Finally, Zacks Research raised shares of Harmony Gold Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy".

Harmony Gold Mining Trading Up 9.0%

The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.03. The company's fifty day moving average price is $15.93 and its 200 day moving average price is $17.52.

Hedge Funds Weigh In On Harmony Gold Mining

Hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its holdings in shares of Harmony Gold Mining by 48.2% during the 3rd quarter. AQR Capital Management LLC now owns 5,871,169 shares of the mining company's stock worth $105,916,000 after purchasing an additional 1,910,028 shares in the last quarter. FIL Ltd bought a new stake in Harmony Gold Mining during the fourth quarter worth about $111,182,000. Goldman Sachs Group Inc. grew its stake in Harmony Gold Mining by 215.7% during the first quarter. Goldman Sachs Group Inc. now owns 5,571,374 shares of the mining company's stock worth $82,289,000 after buying an additional 3,806,468 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Harmony Gold Mining by 31.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,042,664 shares of the mining company's stock valued at $60,549,000 after buying an additional 736,233 shares during the period. Finally, Lazard Asset Management LLC increased its holdings in Harmony Gold Mining by 29.3% in the 4th quarter. Lazard Asset Management LLC now owns 2,988,156 shares of the mining company's stock valued at $59,464,000 after buying an additional 677,479 shares during the period. 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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