11 Cheap Gold Stocks to Buy According to Hedge Funds

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9. Harmony Gold Mining Company Limited (NYSE:HMY)

Forward P/E: 13.07

Number of Hedge Fund Holders: 24

Harmony Gold Mining Company Limited (NYSE:HMY) is one of the 11 Cheap Gold Stocks to Buy According to Hedge Funds. In a report released on May 28, Jason Fairclough from Bank of America Securities reiterated a Hold rating on Harmony Gold Mining Company Limited (NYSE:HMY) with a price target of R$290.00.

The rating followed the company’s announcement on May 27 that it plans to acquire MAC Copper in a transaction valued at $1.03 billion, marking its strategic entry into the copper market.

The all-cash acquisition would provide Harmony Gold Mining Company Limited (NYSE:HMY) complete ownership of a key Australian asset: MAC’s only CSA copper mine in central western New South Wales. The mine ranks among the country’s oldest and highest-grade copper mines and is also one of the deepest underground operations at 1.9km.

Harmony Gold Mining Company Limited (NYSE:HMY) mines and explores gold and is involved in sales and financial management, building mines, open-pit operations, land rehabilitation, and mine closure. The company’s operations are divided into the following segments: Tshepong Operations, Moab Khotsong, Bambanani, Joel, Doornkop, Target 1, Kusasalethu, Masimong, Unisel, Mponeng, Mine Waste Solutions, and Hidden Valley.

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