First Mercantile Trust Co. Purchases New Stake in Joy Global Inc. (JOY)
First Mercantile Trust Co. purchased a new stake in Joy Global Inc. (NYSE:JOY) during the second quarter, according to its most recent 13F filing with the SEC. The firm purchased 8,500 shares of the company’s stock, valued at approximately $180,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of JOY. Kiltearn Partners LLP raised its stake in Joy Global by 15.0% in the first quarter. Kiltearn Partners LLP now owns 7,510,805 shares of the company’s stock valued at $120,699,000 after buying an additional 976,983 shares during the last quarter. Vanguard Group Inc. raised its stake in Joy Global by 6.6% in the second quarter. Vanguard Group Inc. now owns 7,094,801 shares of the company’s stock valued at $149,984,000 after buying an additional 441,391 shares during the last quarter. Investec Asset Management LTD raised its stake in Joy Global by 9.3% in the first quarter. Investec Asset Management LTD now owns 4,063,073 shares of the company’s stock valued at $65,294,000 after buying an additional 347,058 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Joy Global by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 2,028,479 shares of the company’s stock valued at $42,881,000 after buying an additional 129,710 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Joy Global by 93.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,599,683 shares of the company’s stock valued at $33,814,000 after buying an additional 774,325 shares during the last quarter.
Shares of Joy Global Inc. (NYSE:JOY) opened at 27.80 on Wednesday. The firm’s market capitalization is $2.73 billion. Joy Global Inc. has a one year low of $8.35 and a one year high of $28.55. The company’s 50 day moving average is $27.52 and its 200-day moving average is $22.39.
Joy Global (NYSE:JOY) last announced its quarterly earnings results on Thursday, September 1st. The company reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by $0.02. Joy Global had a negative net margin of 52.93% and a positive return on equity of 2.76%. The business earned $587 million during the quarter. During the same period in the prior year, the business posted $0.59 EPS. The business’s revenue for the quarter was down 26.0% on a year-over-year basis. Equities analysts expect that Joy Global Inc. will post $0.14 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Monday, September 19th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.14%. The ex-dividend date was Thursday, September 15th. Joy Global’s dividend payout ratio (DPR) is currently -0.29%.
Several research firms have recently weighed in on JOY. Vetr lowered shares of Joy Global from a “buy” rating to a “hold” rating and set a $21.00 price objective for the company. in a report on Wednesday, June 29th. FBR & Co raised shares of Joy Global from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $14.00 to $25.00 in a report on Friday, June 10th. Robert W. Baird lowered shares of Joy Global from an “outperform” rating to a “neutral” rating and raised their price objective for the stock from $26.00 to $28.00 in a report on Friday, September 2nd. Barclays PLC lowered shares of Joy Global from an “overweight” rating to an “equal weight” rating in a report on Thursday, July 21st. Finally, Avondale Partners cut shares of Joy Global from an “outperform” rating to a “market perform” rating in a research note on Friday, July 22nd. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have given a buy rating to the stock. Joy Global currently has an average rating of “Hold” and a consensus price target of $19.69.
About Joy Global
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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