Zacks Investment Research upgraded shares of Harmony Gold Mining Co. (NYSE:HMY) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning.

According to Zacks, “Estimates for Harmony Gold have been stable lately. Harmony has a diverse portfolio of gold development projects spread across South Africa and PNG. The company is making a good progress with its Wafi-Golpu project. The company is also progressing well with its cost reduction program. Moreover, it remains focused on improving gold grades. However, Harmony is exposed to geopolitical risks associated with potential mine shut downs and labor strikes. Its operations are also likely to be impacted by a slower-than-expected ramp-up in production at mines and gold price volatility.”

Other analysts have also issued research reports about the company. Citigroup Inc. reissued a sell rating on shares of Harmony Gold Mining in a report on Thursday, August 18th. HSBC downgraded Harmony Gold Mining from a buy rating to a hold rating in a research report on Friday, November 11th. Finally, Morgan Stanley upgraded Harmony Gold Mining from an underweight rating to an equal weight rating in a research report on Friday, November 11th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $5.00.

Shares of Harmony Gold Mining (NYSE:HMY) traded down 4.20% on Wednesday, reaching $2.51. The company had a trading volume of 4,558,249 shares. The company has a 50-day moving average price of $3.12 and a 200-day moving average price of $3.63. The firm has a market cap of $1.10 billion, a P/E ratio of 16.62 and a beta of -1.60. Harmony Gold Mining has a one year low of $0.53 and a one year high of $4.87.

Institutional investors have recently modified their holdings of the stock. World Asset Management Inc increased its position in shares of Harmony Gold Mining by 7.9% in the third quarter. World Asset Management Inc now owns 29,334 shares of the mining company’s stock valued at $102,000 after buying an additional 2,142 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in Harmony Gold Mining during the first quarter valued at approximately $103,000. Societe Generale purchased a new stake in Harmony Gold Mining during the second quarter valued at approximately $121,000. Barclays PLC boosted its stake in Harmony Gold Mining by 1,457.1% in the second quarter. Barclays PLC now owns 40,485 shares of the mining company’s stock valued at $146,000 after buying an additional 37,885 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Harmony Gold Mining during the second quarter valued at approximately $167,000. Hedge funds and other institutional investors own 25.90% of the company’s stock.

About Harmony Gold Mining

Harmony Gold Mining Company Limited is a gold-mining and exploration company. The Company has operations in South Africa and Papua New Guinea. In South Africa, the Company’s operations are focused on the Witwatersrand Basin and the Kraaipan Greenstone Belt. The Company operates nine underground mines, one open-pit mine and several surface operations.

5 Day Chart for NYSE:HMY

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