Wall Street Zen Upgrades Harmony Gold Mining (NYSE:HMY) to "Buy"

Key Points

• Wall Street Zen upgraded Harmony Gold Mining (NYSE:HMY) from “hold” to “buy”, adding to a generally positive analyst backdrop for the stock.
• Other firms have also turned more bullish recently, including Morgan Stanley with an overweight rating and Zacks Research moving the stock up to hold; the overall analyst consensus is now Moderate Buy.
• The stock traded down 0.9% to $14.65, remaining well below its 50-day and 200-day moving averages, while institutional investors such as Goldman Sachs and AQR Capital significantly increased their holdings.

Harmony Gold Mining (NYSE:HMY - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Several other research analysts also recently weighed in on HMY. Zacks Research upgraded Harmony Gold Mining from a "strong sell" rating to a "hold" rating in a research note on Monday, May 11th. Morgan Stanley upgraded shares of Harmony Gold Mining to an "overweight" rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy".

Harmony Gold Mining Stock Down 0.9%

Shares of NYSE HMY opened at $14.65 on Friday. The stock has a fifty day simple moving average of $16.26 and a two-hundred day simple moving average of $18.01. Harmony Gold Mining has a 1-year low of $12.58 and a 1-year high of $26.06. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.54 and a quick ratio of 0.38.

Institutional Investors Weigh In On Harmony Gold Mining

A number of institutional investors and hedge funds have recently modified their holdings of the company. FIL Ltd purchased a new position in Harmony Gold Mining during the fourth quarter valued at approximately $111,182,000. Goldman Sachs Group Inc. increased its holdings in Harmony Gold Mining by 215.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,571,374 shares of the mining company's stock worth $82,289,000 after acquiring an additional 3,806,468 shares during the period. AQR Capital Management LLC increased its holdings in Harmony Gold Mining by 286.6% during the 2nd quarter. AQR Capital Management LLC now owns 3,961,141 shares of the mining company's stock worth $54,248,000 after acquiring an additional 2,936,552 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Harmony Gold Mining by 7,504.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 2,306,431 shares of the mining company's stock worth $41,862,000 after purchasing an additional 2,276,099 shares in the last quarter. Finally, Man Group plc boosted its holdings in Harmony Gold Mining by 1,801.7% in the 2nd quarter. Man Group plc now owns 1,985,093 shares of the mining company's stock valued at $27,732,000 after purchasing an additional 1,880,708 shares during the period. 31.79% of the stock is owned by hedge funds and other institutional investors.

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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