Joy Global Inc. (JOY) Trading Down 3.6%
Joy Global Inc. (NYSE:JOY)’s share price traded down 3.6% during mid-day trading on Tuesday . The stock traded as low as $23.07 and last traded at $23.17, with a volume of 930,154 shares trading hands. The stock had previously closed at $24.03.
Several equities analysts recently issued reports on the stock. Robert W. Baird reissued a “buy” rating on shares of Joy Global in a report on Sunday, April 17th. Morgan Stanley lifted their price objective on shares of Joy Global from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, June 3rd. Citigroup Inc. reissued a “hold” rating on shares of Joy Global in a report on Saturday, June 4th. FBR & Co raised shares of Joy Global from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $14.00 to $25.00 in a report on Friday, June 10th. Finally, Vetr lowered shares of Joy Global from a “sell” rating to a “strong sell” rating and set a $19.70 price objective on the stock. in a report on Monday, June 13th. Five equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $18.79.
The stock’s market capitalization is $2.29 billion. The firm’s 50-day moving average price is $21.51 and its 200-day moving average price is $16.34.
Joy Global (NYSE:JOY) last issued its earnings results on Thursday, June 2nd. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.10. The company earned $602 million during the quarter, compared to analyst estimates of $605.64 million. The company’s quarterly revenue was down 25.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.59 EPS. Equities analysts expect that Joy Global Inc. will post $0.15 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 6th. Stockholders of record on Wednesday, June 22nd were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.17%. The ex-dividend date of this dividend was Monday, June 20th.
Several hedge funds and institutional investors recently modified their holdings of JOY. Advisors Asset Management Inc. boosted its position in shares of Joy Global by 190.1% in the fourth quarter. Advisors Asset Management Inc. now owns 641,527 shares of the company’s stock valued at $8,090,000 after buying an additional 420,424 shares during the last quarter. Marshall Wace LLP bought a new position in shares of Joy Global during the fourth quarter valued at about $2,052,000. Levin Capital Strategies L.P. bought a new position in shares of Joy Global during the fourth quarter valued at about $1,860,000. Schroder Investment Management Group boosted its position in shares of Joy Global by 3.4% in the fourth quarter. Schroder Investment Management Group now owns 383,420 shares of the company’s stock valued at $4,835,000 after buying an additional 12,600 shares during the last quarter. Finally, Olstein Capital Management L.P. boosted its position in shares of Joy Global by 0.9% in the fourth quarter. Olstein Capital Management L.P. now owns 678,000 shares of the company’s stock valued at $8,550,000 after buying an additional 6,000 shares during the last quarter.
Joy Global Inc is a manufacturer and servicer of mining equipment for the extraction of metals and minerals. The Company manufactures and markets original equipment and parts, and performs services for both underground and surface mining, as well as certain industrial applications. Its equipment is used in mining regions to mine coal, copper, iron ore, oil sands, gold, and other minerals and ores.
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