Harmony Gold Mining (NYSE:HMY) Stock Price Down 8.7% – Here’s What Happened

Shares of Harmony Gold Mining Company Limited (NYSE:HMY) were down 8.7% during trading on Friday . The stock traded as low as $19.86 and last traded at $19.99. Approximately 2,908,217 shares changed hands during trading, a decline of 51% from the average daily volume of 5,977,700 shares. The stock had previously closed at $21.90.

Analyst Ratings Changes

Several equities analysts recently commented on HMY shares. HSBC raised shares of Harmony Gold Mining from a “hold” rating to a “buy” rating in a research report on Thursday, October 9th. Zacks Research lowered shares of Harmony Gold Mining from a “hold” rating to a “strong sell” rating in a research report on Monday, September 22nd. BMO Capital Markets started coverage on shares of Harmony Gold Mining in a research report on Thursday, July 17th. They set a “market perform” rating and a $16.00 price target for the company. Hsbc Global Res raised shares of Harmony Gold Mining from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 9th. Finally, Investec raised shares of Harmony Gold Mining to a “hold” rating in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Harmony Gold Mining currently has an average rating of “Hold” and an average target price of $12.20.

Harmony Gold Mining Stock Down 8.8%

The firm’s 50-day moving average price is $16.46 and its 200-day moving average price is $15.46. The company has a market cap of $12.72 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 0.15 and a beta of 0.79. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.41.

Harmony Gold Mining Announces Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Monday, October 20th. Stockholders of record on Friday, October 10th will be given a $0.0893 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a dividend yield of 98.0%. Harmony Gold Mining’s dividend payout ratio is presently 8.28%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in HMY. GAMMA Investing LLC boosted its stake in shares of Harmony Gold Mining by 11.1% in the first quarter. GAMMA Investing LLC now owns 8,689 shares of the mining company’s stock valued at $128,000 after purchasing an additional 866 shares during the period. Blue Trust Inc. boosted its stake in shares of Harmony Gold Mining by 59.6% in the first quarter. Blue Trust Inc. now owns 14,537 shares of the mining company’s stock valued at $215,000 after purchasing an additional 5,427 shares during the period. Spire Wealth Management purchased a new position in shares of Harmony Gold Mining in the first quarter valued at $33,000. Ativo Capital Management LLC purchased a new position in shares of Harmony Gold Mining in the first quarter valued at $1,885,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Harmony Gold Mining by 69.6% in the first quarter. Bank of New York Mellon Corp now owns 48,257 shares of the mining company’s stock valued at $713,000 after purchasing an additional 19,801 shares during the period. 31.79% of the stock is currently owned by hedge funds and other institutional investors.

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.