Harmony Gold Mining (NYSE:HMY) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Harmony Gold Mining (NYSE:HMYGet Rating) from a sell rating to a hold rating in a research note issued to investors on Wednesday, Zacks.com reports. The firm currently has $3.75 price objective on the mining company’s stock.

According to Zacks, “Earnings estimates for Harmony for the current year have been decreasing over the past month. Harmony is benefiting from a diverse portfolio of gold development projects. Amid the pandemic, gold is seen as a safe-haven asset. Also, higher gold prices and reduction in debt levels work in favor of the company. However, the company is exposed to issues such as mine shut downs and labor strikes. It is facing a tough labor relationship environment. Higher operational and production costs is a concern. Apart from electricity supply concerns, the company has labor issues. These factors are disrupting operations and resulting in high operational costs. Higher production costs are denting margins.  A significant rebound in gold demand is also unlikely over the short term, given continued uncertainties surrounding the pandemic.”

Other research analysts have also issued reports about the company. Investec upgraded Harmony Gold Mining from a sell rating to a hold rating in a research note on Tuesday, March 1st. JPMorgan Chase & Co. dropped their price objective on Harmony Gold Mining from $5.00 to $4.00 and set a neutral rating for the company in a research note on Monday, April 4th. Finally, StockNews.com started coverage on Harmony Gold Mining in a research note on Thursday, March 31st. They set a hold rating for the company. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $3.88.

Harmony Gold Mining stock opened at $3.67 on Wednesday. The company has a current ratio of 1.50, a quick ratio of 1.06 and a debt-to-equity ratio of 0.10. The stock has a fifty day moving average price of $4.32 and a two-hundred day moving average price of $4.15. Harmony Gold Mining has a 52-week low of $3.00 and a 52-week high of $5.50.

The firm also recently announced a semi-annual dividend, which was paid on Monday, April 18th. Stockholders of record on Friday, April 8th were issued a dividend of $0.026 per share. This represents a dividend yield of 1.6%. The ex-dividend date was Thursday, April 7th. This is a boost from Harmony Gold Mining’s previous semi-annual dividend of $0.02.

Several hedge funds have recently made changes to their positions in HMY. Peapack Gladstone Financial Corp bought a new stake in shares of Harmony Gold Mining during the third quarter worth $32,000. Quadrant Capital Group LLC grew its holdings in shares of Harmony Gold Mining by 49.6% during the first quarter. Quadrant Capital Group LLC now owns 7,918 shares of the mining company’s stock worth $39,000 after purchasing an additional 2,626 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Harmony Gold Mining during the fourth quarter worth $48,000. Sequoia Financial Advisors LLC bought a new stake in shares of Harmony Gold Mining during the first quarter worth $54,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Harmony Gold Mining during the third quarter worth $57,000. Institutional investors own 22.65% of the company’s stock.

Harmony Gold Mining Company Profile (Get Rating)

Harmony Gold Mining Company Limited engages in the exploration, extraction, and processing of gold. It also explores for uranium, silver, copper, and molybdenum deposits. The company has nine underground operations in the Witwatersrand Basin; an open-pit mine on the Kraaipan Greenstone Belt; and various surface treatment operations in South Africa.

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