Harmony Gold Mining (NYSE:HMY) Trading 3% Higher - What's Next?

Harmony Gold Mining Company Limited (NYSE:HMY) experienced a notable increase of 3% during trading sessions on Monday. The stock reached a peak of $14.37 before settling at $14.48. A total of 1,601,043 shares changed hands throughout the day, which is a significant drop of 69% compared to the average trading volume of 5,176,230 shares. The previous close for the stock was at $14.06.

Analysts Set New Price Targets

Recently, analysts from StockNews.com upgraded Harmony Gold Mining from a "hold" rating to a "buy" rating in a report released on March 7th. This change reflects a positive outlook for the company's stock.

Harmony Gold Mining Stock Performance

Harmony Gold Mining holds a market capitalization of $9.21 billion and has a price-to-earnings ratio of 8.58, with a price-to-earnings-growth ratio of 0.63. The stock's beta stands at 1.85, indicating higher volatility compared to the broader market. Its 50-day simple moving average is recorded at $11.54, while the two-hundred-day simple moving average is at $10.31. The company also maintains a low debt-to-equity ratio of 0.04, a quick ratio of 1.07, and a current ratio of 1.56, showcasing its financial stability.

Harmony Gold Mining Increases Dividend

In an announcement highlighting the company's commitment to returning value to shareholders, Harmony Gold recently declared a semi-annual dividend set to be paid on April 21st. Shareholders of record on April 11th will receive a dividend of $0.1245 per share, an improvement from the previous semi-annual dividend of $0.04. This adjustment results in a dividend yield of 0.9%, with a payout ratio of 11.24%.

Institutional Investors Weigh In On Harmony Gold Mining

Changes in institutional ownership have been recently observed with Harmony Gold Mining. American Century Companies Inc. increased its stake in the company by 5.5% in the fourth quarter, owning 3,312,235 shares valued at approximately $27.19 million after acquiring an additional 171,282 shares. Wellington Management Group LLP raised its stake by 76.8% in the third quarter, holding 2,676,433 shares worth around $27.22 million after purchasing an extra 1,162,292 shares. Similarly, Millennium Management LLC expanded its holdings by 59.5%, now controlling 2,635,182 shares valued at about $21.64 million. ABC Arbitrage SA established a new position in the stock valued at approximately $20.23 million. Furthermore, Mackenzie Financial Corp increased its ownership by 12.0%, now holding 1,599,913 shares worth around $13.14 million. Overall, institutional investors and hedge funds collectively own 31.79% of Harmony Gold Mining’s shares.

About Harmony Gold Mining

Harmony Gold Mining Company Limited is engaged in the exploration, extraction, and processing of gold. The company also explores for uranium, silver, copper, and molybdenum deposits. Harmony operates eight underground mines in the Witwatersrand Basin, one open-pit mine located on the Kraaipan Greenstone Belt, and several surface source operations across South Africa.

Mining, Stocks, Investment