Brown Advisory Inc. decreased its stake in Joy Global Inc. (NYSE:JOY) by 9.7% during the second quarter, Holdings Channel reports. The fund owned 21,893 shares of the company’s stock after selling 2,361 shares during the period. Brown Advisory Inc.’s holdings in Joy Global were worth $462,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. LS Investment Advisors LLC increased its position in shares of Joy Global by 71.9% in the second quarter. LS Investment Advisors LLC now owns 6,053 shares of the company’s stock valued at $128,000 after buying an additional 2,532 shares during the last quarter. Invictus RG purchased a new stake in Joy Global during the first quarter valued at $180,000. Acrospire Investment Management LLC boosted its stake in Joy Global by 368.4% in the second quarter. Acrospire Investment Management LLC now owns 8,900 shares of the company’s stock valued at $188,000 after buying an additional 7,000 shares during the period. Princeton Alpha Management LP purchased a new stake in Joy Global during the second quarter valued at $226,000. Finally, Heartland Advisors Inc. purchased a new stake in Joy Global during the second quarter valued at $236,000.
Shares of Joy Global Inc. (NYSE:JOY) opened at 27.74 on Friday. The stock’s market capitalization is $2.72 billion. Joy Global Inc. has a 52-week low of $8.35 and a 52-week high of $28.55. The company has a 50-day moving average price of $27.50 and a 200-day moving average price of $22.14.
Joy Global (NYSE:JOY) last announced its quarterly earnings results on Thursday, September 1st. The company reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.02. The company earned $587 million during the quarter. Joy Global had a positive return on equity of 2.76% and a negative net margin of 52.93%. Joy Global’s revenue for the quarter was down 26.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.59 earnings per share. On average, equities analysts anticipate that Joy Global Inc. will post $0.14 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Monday, September 19th will be paid a $0.01 dividend. The ex-dividend date is Thursday, September 15th. This represents a $0.04 dividend on an annualized basis and a yield of 0.14%. Joy Global’s dividend payout ratio (DPR) is currently -0.29%.
Several analysts have recently weighed in on the company. BMO Capital Markets restated a “hold” rating and set a $28.00 price target on shares of Joy Global in a report on Tuesday, September 20th. Robert W. Baird cut Joy Global from an “outperform” rating to a “neutral” rating and boosted their price target for the stock from $26.00 to $28.00 in a report on Friday, September 2nd. Axiom Securities restated a “sell” rating on shares of Joy Global in a report on Tuesday, August 30th. Vetr upgraded Joy Global from a “strong sell” rating to a “buy” rating and set a $30.44 price target on the stock in a report on Monday, August 22nd. Finally, FBR & Co restated a “buy” rating on shares of Joy Global in a report on Friday, July 22nd. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the company. Joy Global currently has a consensus rating of “Hold” and an average target price 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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