Zacks Investment Research upgraded shares of Harmony Gold Mining Co. (NYSE:HMY) from a sell rating to a hold rating in a research note released 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. Morgan Stanley raised Harmony Gold Mining from an underweight rating to an equal weight rating in a research note on Friday, November 11th. HSBC lowered Harmony Gold Mining from a buy rating to a hold rating in a research note on Friday, November 11th. Finally, Citigroup Inc. lowered Harmony Gold Mining from a neutral rating to a sell rating in a research note on Friday, November 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $5.00.

Analyst Recommendations for Harmony Gold Mining (NYSE:HMY)

Shares of Harmony Gold Mining (NYSE:HMY) opened at 2.28 on Wednesday. The stock has a market capitalization of $995.84 million, a price-to-earnings ratio of 15.51 and a beta of -1.60. Harmony Gold Mining has a 52 week low of $0.58 and a 52 week high of $4.87. The firm’s 50-day moving average is $2.93 and its 200-day moving average is $3.59.

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A number of hedge funds have recently modified their holdings of HMY. Boothbay Fund Management LLC acquired a new stake in shares of Harmony Gold Mining during the first quarter worth about $103,000. World Asset Management Inc raised its stake 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 worth $102,000 after buying an additional 2,142 shares during the last quarter. Societe Generale acquired a new stake in shares of Harmony Gold Mining during the second quarter worth about $121,000. Barclays PLC raised its stake in shares of Harmony Gold Mining by 1,457.1% in the second quarter. Barclays PLC now owns 40,485 shares of the mining company’s stock worth $146,000 after buying an additional 37,885 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Harmony Gold Mining during the second quarter worth about $167,000. 28.89% of the stock is currently owned by hedge funds and other institutional investors.

Harmony Gold Mining Company Profile

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.

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