Harmony Gold Mining (NYSE:HMY) Trading Down 11.9% – Here’s Why

Harmony Gold Mining Company Limited (NYSE:HMY) was down 11.9% during trading on Wednesday . The company traded as low as $16.30 and last traded at $16.6860. Approximately 2,639,317 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 4,858,109 shares. The stock had previously closed at $18.95.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Weiss Ratings restated a “buy (b)” rating on shares of Harmony Gold Mining in a report on Thursday, January 22nd. Wall Street Zen raised shares of Harmony Gold Mining from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 17th. Finally, Zacks Research downgraded shares of Harmony Gold Mining from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.00.

Harmony Gold Mining Stock Performance

The company has a 50 day simple moving average of $21.22 and a 200-day simple moving average of $18.99. The company has a quick ratio of 1.41, a current ratio of 1.72 and a debt-to-equity ratio of 0.04.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp increased its stake in Harmony Gold Mining by 210.4% in the 1st quarter. Jones Financial Companies Lllp now owns 18,165 shares of the mining company’s stock valued at $268,000 after buying an additional 12,312 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Harmony Gold Mining by 215.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,571,374 shares of the mining company’s stock valued at $82,289,000 after acquiring an additional 3,806,468 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Harmony Gold Mining by 15.5% in the second quarter. Envestnet Asset Management Inc. now owns 184,507 shares of the mining company’s stock valued at $2,578,000 after acquiring an additional 24,779 shares during the last quarter. Savant Capital LLC increased its position in shares of Harmony Gold Mining by 57.2% in the second quarter. Savant Capital LLC now owns 16,917 shares of the mining company’s stock valued at $236,000 after acquiring an additional 6,158 shares during the last quarter. Finally, Vise Technologies Inc. bought a new stake in Harmony Gold Mining during the second quarter worth about $297,000. Institutional investors and hedge funds own 31.79% of the company’s stock.

Harmony Gold Mining Company Profile

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.