Harmony Gold Mining (NYSE:HMY) Stock Price Up 7% Following Dividend Announcement

Harmony Gold Mining Company Limited (NYSE:HMY) rose 7% during mid-day trading on Monday after the company announced a dividend. The stock traded as high as $3.35 and last traded at $3.35. Approximately 285,185 shares changed hands during trading, a decline of 95% from the average daily volume of 5,780,532 shares. The stock had previously closed at $3.13.

The newly announced dividend which will be paid on Monday, October 25th. Shareholders of record on Friday, October 15th will be paid a $0.0189 dividend. This represents a yield of 2.5%. The ex-dividend date of this dividend is Thursday, October 14th. Harmony Gold Mining’s dividend payout ratio (DPR) is 20.34%.

Several analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Harmony Gold Mining from a “sell” rating to a “hold” rating and set a $4.50 target price for the company in a report on Friday, July 30th. JPMorgan Chase & Co. assumed coverage on shares of Harmony Gold Mining in a research note on Friday, July 9th. They set a “hold” rating and a $4.10 target price for the company. Finally, Morgan Stanley downgraded shares of Harmony Gold Mining from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, June 22nd.

The company has a quick ratio of 1.04, a current ratio of 1.49 and a debt-to-equity ratio of 0.09. The company has a market cap of $2.13 billion, a PE ratio of 5.86, a P/E/G ratio of 0.46 and a beta of 0.97. The stock’s 50 day simple moving average is $3.76 and its two-hundred day simple moving average is $4.31.

Hedge funds have recently modified their holdings of the company. Thrivent Financial for Lutherans acquired a new stake in Harmony Gold Mining during the 1st quarter valued at $51,000. Tudor Investment Corp Et Al acquired a new position in Harmony Gold Mining during the 2nd quarter worth $54,000. Kestra Advisory Services LLC grew its holdings in Harmony Gold Mining by 16.0% during the 1st quarter. Kestra Advisory Services LLC now owns 14,500 shares of the mining company’s stock worth $63,000 after acquiring an additional 2,000 shares in the last quarter. New York State Common Retirement Fund acquired a new position in Harmony Gold Mining during the 2nd quarter worth $78,000. Finally, QCM Cayman Ltd. acquired a new position in Harmony Gold Mining during the 2nd quarter worth $82,000. 26.70% of the stock is currently owned by institutional investors and hedge funds.

About Harmony Gold Mining (NYSE:HMY)

Harmony Gold Mining Co Ltd. engages in mining and exploration of gold. It involves in building mines, open-pit operation, sales and financial management, land rehabilitation and mine closure. It operates through the following segments: Tshepong Operations, Phoenix, Kalgold, Waste Rock Dumps, Central Plant Reclamation, Moab Khotsong, Bambanani, Joel, Doornkop, Target 1, Kusasalethu, Masimong, and Unisel.

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