Joy Global Inc. (JOY) Sees Unusually-High Trading Volume
Joy Global Inc. (NYSE:JOY) shares saw unusually-strong trading volume on Thursday . Approximately 23,130,193 shares changed hands during mid-day 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 equities research analysts recently issued reports on JOY shares. Vetr cut Joy Global from a “strong-buy” rating to a “buy” rating and set a $18.37 price objective on the stock. in a report on Wednesday, May 25th. Forward View cut Joy Global from a “hold” rating to a “sell” rating in a report on Monday, April 25th. Zacks Investment Research cut Joy Global from a “hold” rating to a “sell” rating in a report on Tuesday, May 10th. Axiom Securities restated a “sell” rating on shares of Joy Global in a report on Monday, May 23rd. Finally, FBR & Co restated a “buy” rating on shares of Joy Global in a report on Friday. Four investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $18.79.
The stock’s market capitalization is $2.74 billion. The company has a 50-day moving average price of $22.29 and a 200 day moving average price of $16.64.
Joy Global (NYSE:JOY) last announced its earnings results on Thursday, June 2nd. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.10. During the same quarter last year, the business posted $0.59 EPS. The firm had revenue of $602 million for the quarter, compared to analyst estimates of $605.64 million. The firm’s revenue was down 25.7% compared to the same quarter last year. Analysts expect 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. Investors of record on Wednesday, June 22nd were given a dividend of $0.01 per share. The ex-dividend date was Monday, June 20th. This represents a $0.04 dividend on an annualized basis and a yield of 0.14%.
A number of hedge funds have recently made changes to their positions in JOY. Morgan Stanley raised its stake in shares of Joy Global by 244.9% in the fourth quarter. Morgan Stanley now owns 2,262,393 shares of the company’s stock worth $28,530,000 after buying an additional 1,606,389 shares during the period. Olstein Capital Management L.P. raised its stake 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 worth $8,550,000 after buying an additional 6,000 shares during the period. Advisors Asset Management Inc. raised its stake 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 worth $8,090,000 after buying an additional 420,424 shares during the period. Schroder Investment Management Group raised its stake 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 worth $4,835,000 after buying an additional 12,600 shares during the period. Finally, California Public Employees Retirement System raised its stake in shares of Joy Global by 14.3% in the fourth quarter. California Public Employees Retirement System now owns 374,505 shares of the company’s stock worth $4,723,000 after buying an additional 46,900 shares during the period.
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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