Harmony Gold Mining (NYSE:HMY) Stock Price Up 6.9% - Still a Buy?

Key Points

• Harmony Gold Mining shares jumped 6.9% to $23.54 in Friday trading, reaching an intraday high of $23.58, although volume was 64% below the stock’s average.
• Analyst sentiment is generally positive: recent actions included upgrades from Zacks Research and Wall Street Zen, while MarketBeat data shows a consensus rating of “Moderate Buy.”
• Institutional interest has increased, with several hedge funds adding to their positions; institutional investors now own 31.79% of Harmony Gold’s stock.

Shares of Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report) rose 6.9% during trading on Friday . The company traded as high as $23.58 and last traded at $23.54. Approximately 1,623,479 shares changed hands during trading, a decline of 64% from the average daily volume of 4,563,954 shares. The stock had previously closed at $22.02.

Analyst Upgrades and Downgrades

HMY has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Harmony Gold Mining in a research note on Friday, July 17th. Zacks Research upgraded Harmony Gold Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, May 11th. Finally, Wall Street Zen raised Harmony Gold Mining from a "hold" rating to a "buy" rating in a research note on Sunday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Harmony Gold Mining currently has a consensus rating of "Moderate Buy".

Harmony Gold Mining Trading Up 6.9%

The company's 50-day simple moving average is $16.67 and its 200-day simple moving average is $17.29. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.54 and a quick ratio of 0.38.

Hedge Funds Weigh In On Harmony Gold Mining

A number of institutional investors have recently bought and sold shares of the stock. Barometer Capital Management Inc. raised its position in Harmony Gold Mining by 1,118.8% in the first quarter. Barometer Capital Management Inc. now owns 117,000 shares of the mining company's stock worth $1,764,000 after purchasing an additional 107,400 shares in the last quarter. Hsbc Holdings PLC bought a new position in shares of Harmony Gold Mining during the 4th quarter worth approximately $1,815,000. U S Global Investors Inc. grew its position in Harmony Gold Mining by 49.4% in the first quarter. U S Global Investors Inc. now owns 397,947 shares of the mining company's stock valued at $6,116,000 after acquiring an additional 131,538 shares during the period. Assetmark Inc. raised its stake in Harmony Gold Mining by 4,535.7% during the first quarter. Assetmark Inc. now owns 271,653 shares of the mining company's stock worth $4,175,000 after acquiring an additional 265,793 shares in the last quarter. Finally, Quantinno Capital Management LP raised its stake in Harmony Gold Mining by 75.0% during the first quarter. Quantinno Capital Management LP now owns 124,760 shares of the mining company's stock worth $1,918,000 after acquiring an additional 53,466 shares in the last quarter. Hedge funds and other 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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