Harmony Gold Mining (NYSE:HMY) Shares Gap Up Following Dividend Announcement

Shares of Harmony Gold Mining Company Limited (NYSE:HMY) gapped up before the market opened on Wednesday after the company announced a dividend. The stock had previously closed at $13.86, but opened at $14.94. Harmony Gold Mining shares last traded at $14.6630, with a volume of 2,482,748 shares.

The newly announced dividend which will be paid on Tuesday, May 5th. Investors of record on Friday, April 24th will be given a $0.3124 dividend. This represents a yield of 430.0%. The ex-dividend date of this dividend is Friday, April 24th.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Zacks Research cut Harmony Gold Mining from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 16th. Wall Street Zen downgraded shares of Harmony Gold Mining from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 14th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Harmony Gold Mining in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.00.

Harmony Gold Mining Price Performance

The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.03. The firm has a fifty day moving average price of $19.87 and a 200-day moving average price of $19.00.

Institutional Investors Weigh In On Harmony Gold Mining

Large investors have recently made changes to their positions in the business. Jones Financial Companies Lllp raised its stake in shares of Harmony Gold Mining by 210.4% during the 1st quarter. Jones Financial Companies Lllp now owns 18,165 shares of the mining company’s stock worth $268,000 after purchasing an additional 12,312 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Harmony Gold Mining by 215.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,571,374 shares of the mining company’s stock worth $82,289,000 after buying an additional 3,806,468 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Harmony Gold Mining by 39.8% during the second quarter. PNC Financial Services Group Inc. now owns 6,733 shares of the mining company’s stock valued at $94,000 after buying an additional 1,917 shares during the period. Summit Global Investments purchased a new stake in Harmony Gold Mining during the second quarter worth about $303,000. Finally, XTX Topco Ltd purchased a new stake in Harmony Gold Mining during the second quarter worth about $1,132,000. 31.79% of the stock is owned by hedge funds and other institutional investors.

About Harmony Gold Mining

Harmony Gold Mining Company Limited is a South Africa–based precious metals producer primarily engaged in the exploration, mining and processing of gold. The company operates a portfolio of underground and surface mining operations, targeting both reef-hosted and alluvial deposits. In addition to gold, Harmony’s activities encompass the extraction of copper as a byproduct at its Papua New Guinea operations.

In South Africa, Harmony’s mining footprint includes deep-level underground operations in the Witwatersrand Basin, where it employs a combination of conventional and mechanized mining methods.