Harmony Gold Mining (NYSE:HMY) Downgraded to “Sell” at Zacks Investment Research

Harmony Gold Mining (NYSE:HMY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, Zacks.com reports. They presently have a $2.00 price objective on the mining company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 2.04% from the stock’s current price.

According to Zacks, “Harmony has a diverse portfolio of gold development projects spread across South Africa and PNG. The Golpu project is believed to be a game changer for the company. Moreover, the company’s Hidden Valley project is poised for growth. The company is also making good progress in producing better quality gold ounces along with reducing costs. Harmony also remains focused on improving gold grades. However, the company is exposed to issues such as mine shut downs and labor strikes. Harmony’s high cost structure is another concern. We are also concerned about Harmony’s low output as it strives to reduce the cash cost of production. Also, the company is exposed to a volatile gold pricing environment. The company has also underperformed the industry it belongs to year to date.”

Separately, JPMorgan Chase & Co. raised shares of Harmony Gold Mining from an “underweight” rating to an “overweight” rating and set a $2.11 target price for the company in a research note on Thursday, February 21st.

NYSE HMY opened at $1.96 on Thursday. Harmony Gold Mining has a twelve month low of $1.42 and a twelve month high of $2.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.84 and a current ratio of 1.38. The company has a market cap of $898.36 million, a price-to-earnings ratio of 15.08 and a beta of -1.58.

Large investors have recently modified their holdings of the business. BlackRock Inc. boosted its stake in shares of Harmony Gold Mining by 7.3% during the 4th quarter. BlackRock Inc. now owns 4,180,628 shares of the mining company’s stock valued at $7,483,000 after buying an additional 284,007 shares during the period. Millennium Management LLC acquired a new stake in shares of Harmony Gold Mining in the 4th quarter valued at $3,985,000. Deutsche Bank AG lifted its stake in shares of Harmony Gold Mining by 3,153.5% in the 4th quarter. Deutsche Bank AG now owns 2,562,617 shares of the mining company’s stock valued at $4,587,000 after purchasing an additional 2,483,852 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of Harmony Gold Mining by 1.7% in the 4th quarter. Van ECK Associates Corp now owns 68,251,979 shares of the mining company’s stock valued at $122,171,000 after purchasing an additional 1,148,285 shares during the last quarter. Finally, Two Sigma Securities LLC lifted its stake in shares of Harmony Gold Mining by 237.6% in the 4th quarter. Two Sigma Securities LLC now owns 162,373 shares of the mining company’s stock valued at $291,000 after purchasing an additional 114,271 shares during the last quarter. 33.85% 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 in South Africa and Papua New Guinea. The company also explores for copper and silver deposits. It has nine underground operations; an open-pit mine; and various surface treatment operations in South Africa.

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