Harmony Gold Mining (NYSE:HMY) Price Target Cut to $4.80

Harmony Gold Mining (NYSE:HMY) had its target price reduced by equities research analysts at JPMorgan Chase & Co. from $5.80 to $4.80 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “underweight” rating on the mining company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 48.72% from the company’s current price.

A number of other analysts have also weighed in on HMY. StockNews.com lowered shares of Harmony Gold Mining from a “strong-buy” rating to a “buy” rating in a research report on Friday, April 12th. HSBC lowered shares of Harmony Gold Mining from a “hold” rating to a “reduce” rating in a research report on Friday, April 19th.

Harmony Gold Mining Stock Up 2.3 %

Harmony Gold Mining stock opened at $9.36 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.62 and a quick ratio of 1.11. Harmony Gold Mining has a 1-year low of $3.41 and a 1-year high of $10.24. The company’s 50-day moving average is $9.02 and its 200 day moving average is $7.62.

Hedge Funds Weigh In On Harmony Gold Mining

A number of institutional investors have recently modified their holdings of the stock. Cetera Investment Advisers purchased a new position in shares of Harmony Gold Mining during the first quarter worth approximately $2,097,000. Tidal Investments LLC purchased a new position in shares of Harmony Gold Mining during the first quarter worth approximately $59,033,000. Lazard Asset Management LLC purchased a new position in shares of Harmony Gold Mining during the first quarter worth approximately $8,171,000. Burns Matteson Capital Management LLC bought a new position in shares of Harmony Gold Mining during the first quarter valued at approximately $94,000. Finally, Seven Eight Capital LP bought a new position in shares of Harmony Gold Mining during the first quarter valued at approximately $553,000. 31.79% of the stock is 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.