Harmony Gold Mining (NYSE:HMY) Shares Gap Up – Still a Buy?

Harmony Gold Mining Company Limited (NYSE:HMY) shares gapped up before the market opened on Wednesday . The stock had previously closed at $10.04, but opened at $10.42. Harmony Gold Mining shares last traded at $10.53, with a volume of 885,191 shares changing hands.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. upgraded Harmony Gold Mining from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $4.90 to $8.20 in a report on Thursday, October 10th.

Harmony Gold Mining Price Performance

The company has a fifty day simple moving average of $9.95 and a two-hundred day simple moving average of $9.40. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.56 and a quick ratio of 1.07.

Harmony Gold Mining Cuts Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Monday, October 21st. Stockholders of record on Friday, October 11th will be given a $0.042 dividend. This represents a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, October 11th.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Van ECK Associates Corp raised its position in shares of Harmony Gold Mining by 30.0% in the 1st quarter. Van ECK Associates Corp now owns 75,016,459 shares of the mining company’s stock worth $612,884,000 after acquiring an additional 17,298,604 shares in the last quarter. Tidal Investments LLC acquired a new position in Harmony Gold Mining during the 1st quarter valued at about $59,033,000. Acadian Asset Management LLC increased its position in Harmony Gold Mining by 111.5% during the 2nd quarter. Acadian Asset Management LLC now owns 1,853,606 shares of the mining company’s stock valued at $16,978,000 after buying an additional 977,142 shares in the last quarter. AQR Capital Management LLC increased its position in Harmony Gold Mining by 63.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,567,543 shares of the mining company’s stock valued at $14,374,000 after buying an additional 609,971 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new position in Harmony Gold Mining during the 1st quarter valued at about $8,171,000. 31.79% of the stock is owned by 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.