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

Key Points

• Harmony Gold Mining shares fell sharply, opening at $16.24 versus the prior close of $17.32 and last trading around $16.45 on volume of roughly 1.9 million shares.
• Analyst sentiment remains positive overall: the stock holds a “Moderate Buy” consensus, with one Strong Buy, two Buy, and two Hold ratings.
• The company declared a $0.4611-per-share dividend payable October 19 to shareholders of record October 9, while institutional investors and hedge funds own approximately 31.79% of the stock.

Harmony Gold Mining Company Limited (NYSE:HMY - Get Free Report) shares gapped down before the market opened on Wednesday. The stock had previously closed at $17.32, but opened at $16.24. Harmony Gold Mining shares last traded at $16.4540, with a volume of 1,913,707 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on HMY shares. 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 to a "hold" rating in a research note on Tuesday, September 8th. Finally, Wall Street Zen raised Harmony Gold Mining from a "hold" rating to a "buy" rating in a research report on Sunday, September 6th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Harmony Gold Mining presently has an average rating of "Moderate Buy".

Harmony Gold Mining Trading Down 4.3%

The company's fifty day simple moving average is $19.36 and its two-hundred day simple moving average is $17.26.

Harmony Gold Mining Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Monday, October 19th. Shareholders of record on Friday, October 9th will be paid a dividend of $0.4611 per share. The ex-dividend date is Friday, October 9th. This represents a yield of 481.0%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Ascentis Independent Advisors acquired a new stake in shares of Harmony Gold Mining during the 1st quarter valued at approximately $28,000. Banque Cantonale Vaudoise acquired a new position in Harmony Gold Mining in the first quarter worth $33,000. Bartlett & CO. Wealth Management LLC acquired a new position in Harmony Gold Mining in the first quarter worth $34,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Harmony Gold Mining during the fourth quarter valued at $36,000. Finally, Parallel Advisors LLC increased its stake in Harmony Gold Mining by 15.5% during the first quarter. Parallel Advisors LLC now owns 6,364 shares of the mining company's stock valued at $98,000 after purchasing an additional 852 shares during the last quarter. Institutional investors and hedge funds own 31.79% of the company's stock.

About Harmony Gold Mining

Harmony Gold Mining Company Limited is a South African-based gold producer engaged in the exploration, extraction, processing and refining of gold. The company operates a portfolio of underground and surface mines, supported by related processing facilities and exploration activities.

Harmony's operations are primarily located in South Africa, with additional assets in Papua New Guinea. Its international portfolio includes the Hidden Valley open-pit gold and silver mine, while the company also participates in the Wafi-Golpu copper-gold development project in Papua New Guinea.

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