Joy Global Inc. (JOY) Sees Unusually-High Trading Volume
Shares of Joy Global Inc. (NYSE:JOY) saw unusually-strong trading volume on Thursday . Approximately 23,130,193 shares changed hands during trading, an increase of 389% from the previous session’s volume of 4,734,263 shares.The stock last traded at $27.72 and had previously closed at $23.55.
Several research analysts have recently issued reports on JOY shares. Vetr upgraded shares of Joy Global from a “strong sell” rating to a “sell” rating and set a $13.64 price objective on the stock in a report on Wednesday, March 23rd. Goldman Sachs Group Inc. restated a “sell” rating on shares of Joy Global in a report on Thursday, March 31st. FBR & Co restated a “market perform” rating on shares of Joy Global in a report on Tuesday, April 5th. Axiom Securities restated a “sell” rating on shares of Joy Global in a report on Tuesday, April 12th. Finally, Jefferies Group boosted their price objective on shares of Joy Global from $10.00 to $14.00 in a report on Tuesday, April 12th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $18.79.
The stock’s market cap is $2.77 billion. The firm has a 50 day moving average of $22.08 and a 200-day moving average of $16.53.
Joy Global (NYSE:JOY) last released its earnings results on Thursday, June 2nd. The company reported $0.09 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.10. The firm earned $602 million during the quarter, compared to the consensus estimate of $605.64 million. During the same period in the prior year, the business earned $0.59 earnings per share. Joy Global’s quarterly revenue was down 25.7% compared to the same quarter last year. Equities research analysts anticipate that Joy Global Inc. will post $0.16 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 6th. Shareholders of record on Wednesday, June 22nd were issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.14%. The ex-dividend date of this dividend was Monday, June 20th.
A number of institutional investors have recently added to or reduced their stakes in JOY. Levin Capital Strategies L.P. purchased a new position in Joy Global during the fourth quarter valued at approximately $1,860,000. California State Teachers Retirement System raised its position in Joy Global by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 186,223 shares of the company’s stock valued at $2,348,000 after buying an additional 3,005 shares in the last quarter. Rhumbline Advisers raised its position in Joy Global by 3.3% in the fourth quarter. Rhumbline Advisers now owns 146,991 shares of the company’s stock valued at $1,854,000 after buying an additional 4,749 shares in the last quarter. Retirement Systems of Alabama raised its position in Joy Global by 62.2% in the fourth quarter. Retirement Systems of Alabama now owns 183,190 shares of the company’s stock valued at $2,310,000 after buying an additional 70,272 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Joy Global during the fourth quarter valued at approximately $2,052,000.
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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