Harmony Gold Mining (NYSE:HMY) Stock Price Up 7% - Should You Buy?

Key Points

• Harmony Gold Mining's stock price rose 7% during trading on Monday, reaching a high of $15.31 after closing at $14.22.
• Research analysts have mixed ratings on HMY, with a consensus price target of $12.20, reflecting an average rating of "Hold."
• Institutional investors have increased their stakes significantly in the second quarter, with AdvisorShares Investments LLC raising its position by 16.7%.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report)'s share price was up 7% during mid-day trading on Monday . The stock traded as high as $15.31 and last traded at $15.21. Approximately 1,521,235 shares traded hands during trading, a decline of 75% from the average daily volume of 5,992,800 shares. The stock had previously closed at $14.22.

Analysts Set New Price Targets

Several brokerages have recently weighed in on HMY. BMO Capital Markets initiated coverage on shares of Harmony Gold Mining in a research report on Thursday, July 17th. They issued a "market perform" rating and a $16.00 price target for the company. Hsbc Global Res raised Harmony Gold Mining from a "moderate sell" rating to a "hold" rating in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $12.20.

Harmony Gold Mining Stock Up 0.5%

The company's fifty day simple moving average is $14.49 and its 200-day simple moving average is $13.79. The firm has a market capitalization of $10.09 billion, a PE ratio of 9.40, a price-to-earnings-growth ratio of 0.10 and a beta of 0.77. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.84 and a quick ratio of 1.46.

Institutional Investors Weigh In On Harmony Gold Mining

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HMY. LPL Financial LLC lifted its position in Harmony Gold Mining by 3.2% during the 4th quarter. LPL Financial LLC now owns 48,774 shares of the mining company's stock worth $400,000 after acquiring an additional 1,496 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Harmony Gold Mining by 31.0% during the fourth quarter. Wells Fargo & Company MN now owns 45,942 shares of the mining company's stock worth $377,000 after purchasing an additional 10,860 shares during the period. Invesco Ltd. boosted its position in Harmony Gold Mining by 2.9% in the fourth quarter. Invesco Ltd. now owns 147,960 shares of the mining company's stock valued at $1,215,000 after buying an additional 4,216 shares during the last quarter. Renaissance Technologies LLC purchased a new position in Harmony Gold Mining during the 4th quarter worth approximately $11,903,000. Finally, Advisory Services Network LLC purchased a new position in shares of Harmony Gold Mining during the fourth quarter worth $87,000. 31.79% of the stock is currently owned by hedge funds and other institutional investors.

Harmony Gold Mining Company Profile

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.