Harmony Gold Mining (NYSE:HMY) Shares Gap Down After Earnings Miss

Key Points

• Harmony Gold Mining shares fell sharply, opening at $20.70 versus the prior close of $22.43, after the company reported disappointing quarterly results.
• The company posted EPS of $0.95, missing the $1.29 consensus estimate, while revenue of $1.69 billion was well below the $3.20 billion forecast.
• Despite the earnings miss, analyst sentiment remains positive overall, with the stock carrying a “Moderate Buy” consensus rating; institutional investors own 31.79% of the shares.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report)'s share price gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $22.43, but opened at $20.70. Harmony Gold Mining shares last traded at $21.4050, with a volume of 2,154,103 shares.

The mining company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.29 by ($0.34). The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $3.20 billion.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Harmony Gold Mining

A number of institutional investors and hedge funds have recently made changes to their positions in HMY. Barometer Capital Management Inc. increased its stake in shares of Harmony Gold Mining by 1,118.8% during the first quarter. Barometer Capital Management Inc. now owns 117,000 shares of the mining company's stock worth $1,764,000 after acquiring an additional 107,400 shares during the period. Hsbc Holdings PLC acquired a new stake in Harmony Gold Mining in the fourth quarter valued at about $1,815,000. U S Global Investors Inc. boosted its holdings in Harmony Gold Mining by 49.4% in the 1st quarter. U S Global Investors Inc. now owns 397,947 shares of the mining company's stock valued at $6,116,000 after purchasing an additional 131,538 shares in the last quarter. Assetmark Inc. boosted its holdings in Harmony Gold Mining by 4,535.7% in the 1st quarter. Assetmark Inc. now owns 271,653 shares of the mining company's stock valued at $4,175,000 after purchasing an additional 265,793 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in Harmony Gold Mining by 75.0% during the 1st quarter. Quantinno Capital Management LP now owns 124,760 shares of the mining company's stock worth $1,918,000 after purchasing an additional 53,466 shares during the period. 31.79% of the stock is owned by hedge funds and other institutional investors.

Harmony Gold Mining Stock Performance

The company has a 50-day simple moving average of $17.14 and a 200-day simple moving average of $17.35. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.38 and a current ratio of 0.54.

About Harmony Gold Mining

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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