Harmony Gold Mining (NYSE:HMY) Shares Up 6.4% – Still a Buy?

Harmony Gold Mining Company Limited (NYSE:HMY)’s stock price shot up 6.4% during trading on Friday . The company traded as high as $9.34 and last traded at $9.16. 2,583,961 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 5,255,932 shares. The stock had previously closed at $8.61.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Bank of America started coverage on shares of Harmony Gold Mining in a report on Monday, October 21st. They set a “neutral” rating for the company. StockNews.com downgraded Harmony Gold Mining from a “buy” rating to a “hold” rating in a research report on Thursday, November 28th. Finally, JPMorgan Chase & Co. boosted their price objective on Harmony Gold Mining from $8.20 to $8.40 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th.

Harmony Gold Mining Stock Performance

The firm has a market cap of $5.78 billion, a price-to-earnings ratio of 5.95, a P/E/G ratio of 0.43 and a beta of 1.73. The firm’s 50 day moving average price is $9.01 and its 200-day moving average price is $9.63. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.56 and a quick ratio of 1.07.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp lifted its stake in shares of Harmony Gold Mining by 3.3% in the third quarter. Van ECK Associates Corp now owns 68,895,088 shares of the mining company’s stock valued at $700,663,000 after buying an additional 2,206,537 shares during the period. Wellington Management Group LLP lifted its position in shares of Harmony Gold Mining by 76.8% in the 3rd quarter. Wellington Management Group LLP now owns 2,676,433 shares of the mining company’s stock worth $27,219,000 after acquiring an additional 1,162,292 shares during the period. AQR Capital Management LLC grew its holdings in shares of 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 worth $14,374,000 after purchasing an additional 609,971 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Harmony Gold Mining by 27.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 792,263 shares of the mining company’s stock valued at $8,057,000 after purchasing an additional 170,175 shares during the period. Finally, Bridgewater Associates LP lifted its position in Harmony Gold Mining by 34.6% in the third quarter. Bridgewater Associates LP now owns 403,178 shares of the mining company’s stock worth $4,100,000 after purchasing an additional 103,608 shares during the period. Institutional investors own 31.79% of the company’s stock.

About Harmony Gold Mining

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.