Harmony Gold (HMY) Lowered to “Sell” at Zacks Investment Research

Harmony Gold (NYSE:HMY) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “Harmony remains exposed to issues such as mine shut downs and labor strikes. The company’s high cost structure is another concern. It is also exposed to a volatile gold pricing environment.”

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Several other research firms have also recently weighed in on HMY. ValuEngine cut Harmony Gold from a “buy” rating to a “hold” rating in a report on Tuesday, April 3rd. Deutsche Bank cut Harmony Gold from a “hold” rating to a “sell” rating in a report on Wednesday, April 11th. Finally, HSBC upgraded Harmony Gold from a “hold” rating to a “buy” rating in a report on Wednesday, February 14th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $2.50.

Shares of NYSE:HMY traded down $0.01 during trading on Tuesday, hitting $2.00. 2,035,311 shares of the company’s stock traded hands, compared to its average volume of 5,606,480. Harmony Gold has a 52 week low of $1.56 and a 52 week high of $2.64. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.21 and a quick ratio of 1.61. The stock has a market capitalization of $929.48, a PE ratio of 9.52 and a beta of -1.96.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its stake in Harmony Gold by 193.8% in the 4th quarter. Bank of New York Mellon Corp now owns 57,672 shares of the mining company’s stock valued at $107,000 after acquiring an additional 38,041 shares in the last quarter. Atria Investments LLC lifted its stake in Harmony Gold by 90.6% in the 4th quarter. Atria Investments LLC now owns 59,145 shares of the mining company’s stock valued at $111,000 after acquiring an additional 28,118 shares in the last quarter. Cubist Systematic Strategies LLC bought a new stake in Harmony Gold in the 3rd quarter valued at approximately $201,000. Two Sigma Investments LP bought a new stake in Harmony Gold in the 4th quarter valued at approximately $225,000. Finally, Two Sigma Securities LLC lifted its stake in Harmony Gold by 91.6% in the 4th quarter. Two Sigma Securities LLC now owns 194,958 shares of the mining company’s stock valued at $365,000 after acquiring an additional 93,214 shares in the last quarter. Hedge funds and other institutional investors own 26.32% of the company’s stock.

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Harmony Gold Company Profile

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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