Zacks Investment Research upgraded shares of Harmony Gold (NYSE:HMY) from a hold rating to a buy rating in a report issued on Wednesday. They currently have $2.50 price objective on the mining company’s stock.
According to Zacks, “Harmony has a diverse portfolio of gold development projects spread across South Africa and PNG. The company is also making good progress in producing better quality gold ounces and reducing costs. Harmony has also outperformed the industry it belongs to over the last six months. “
A number of other research firms have also recently issued reports on HMY. HSBC raised Harmony Gold from a hold rating to a buy rating in a report on Wednesday, February 14th. ValuEngine lowered Harmony Gold from a buy rating to a hold rating in a research report on Tuesday, April 3rd. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $2.50.
Hedge funds have recently made changes to their positions in the stock. Allianz Asset Management GmbH acquired a new stake in Harmony Gold in the third quarter worth about $1,353,000. Virtu Financial LLC increased its position in Harmony Gold by 90.2% in the fourth quarter. Virtu Financial LLC now owns 338,470 shares of the mining company’s stock worth $633,000 after purchasing an additional 160,539 shares during the period. UBS Asset Management Americas Inc. increased its position in Harmony Gold by 12.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,115,912 shares of the mining company’s stock worth $2,087,000 after purchasing an additional 126,434 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Harmony Gold by 404.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 951,319 shares of the mining company’s stock worth $1,779,000 after purchasing an additional 762,619 shares during the period. Finally, Schroder Investment Management Group increased its position in Harmony Gold by 220.0% in the fourth quarter. Schroder Investment Management Group now owns 6,130,459 shares of the mining company’s stock worth $11,464,000 after purchasing an additional 4,214,759 shares during the period. Hedge funds and other institutional investors own 25.67% of the company’s stock.
About Harmony Gold
Harmony Gold Mining Company Limited engages in the exploration and mining 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 other surface operations in South Africa. The company owns interests in the Hidden Valley, an open-pit gold and silver mine; the Wafi Golpu project in Morobe province; and the Kili Teke gold-copper exploration project in Papua New Guinea.
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