Joy Global Inc. (JOY) Given Average Recommendation of “Hold” by Analysts
Joy Global Inc. (NYSE:JOY) has earned a consensus recommendation of “Hold” from the twenty-one brokerages that are covering the stock. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $21.04.
A number of analysts have weighed in on the company. Vetr downgraded Joy Global from a “buy” rating to a “hold” rating and set a $21.00 price target for the company. in a report on Wednesday, June 29th. FBR & Co reiterated a “buy” rating on shares of Joy Global in a report on Friday, July 22nd. Robert W. Baird downgraded Joy Global from an “outperform” rating to a “neutral” rating and increased their price target for the stock from $26.00 to $28.00 in a report on Friday, September 2nd. Barclays PLC downgraded Joy Global from an “overweight” rating to an “equal weight” rating in a report on Thursday, July 21st. Finally, Avondale Partners downgraded Joy Global from an “outperform” rating to a “market perform” rating in a report on Friday, July 22nd.
Shares of Joy Global (NYSE:JOY) opened at 27.86 on Wednesday. Joy Global has a 12-month low of $8.35 and a 12-month high of $28.55. The company’s market cap is $2.73 billion. The company’s 50-day moving average price is $27.59 and its 200 day moving average price is $22.92.
Joy Global (NYSE:JOY) last announced its 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. The company had revenue of $587 million for the quarter. Joy Global had a positive return on equity of 2.76% and a negative net margin of 52.93%. The firm’s revenue was down 26.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.59 earnings per share. Equities analysts predict that Joy Global will post $0.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Monday, September 19th were given a dividend of $0.01 per share. The ex-dividend date was Thursday, September 15th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.14%. Joy Global’s dividend payout ratio (DPR) is currently -0.29%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in JOY. LS Investment Advisors LLC raised its position in Joy Global by 71.9% in the second quarter. LS Investment Advisors LLC now owns 6,053 shares of the company’s stock worth $128,000 after buying an additional 2,532 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. raised its position in Joy Global by 1,233.3% in the second quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,000 shares of the company’s stock worth $169,000 after buying an additional 7,400 shares during the period. Invictus RG purchased a new position in Joy Global during the first quarter worth approximately $180,000. First Mercantile Trust Co. purchased a new position in Joy Global during the second quarter worth approximately $180,000. Finally, Acrospire Investment Management LLC raised its position in Joy Global by 368.4% in the second quarter. Acrospire Investment Management LLC now owns 8,900 shares of the company’s stock worth $188,000 after buying an additional 7,000 shares during the period.
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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