Joy Global Inc. (NYSE:JOY) was downgraded by analysts at CL King from a “buy” rating to a “neutral” rating in a report released on Wednesday, The Fly reports.
A number of other brokerages also recently issued reports on JOY. FBR & Co restated a “buy” rating on shares of Joy Global in a research report on Friday, July 22nd. Avondale Partners downgraded Joy Global from an “outperform” rating to a “market perform” rating in a research report on Friday, July 22nd. Vetr downgraded Joy Global from a “sell” rating to a “strong sell” rating and set a $21.00 price target on the stock. in a report on Monday, July 25th. Zacks Investment Research downgraded Joy Global from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Axiom Securities reiterated a “sell” rating on shares of Joy Global in a report on Tuesday, August 30th. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $18.73.
Joy Global (NYSE:JOY) traded up 0.25% during trading on Wednesday, reaching $27.88. 800,229 shares of the company’s stock were exchanged. Joy Global has a 12 month low of $8.35 and a 12 month high of $28.55. The firm’s market cap is $2.74 billion. The firm’s 50-day moving average price is $27.61 and its 200-day moving average price is $23.19.
Joy Global (NYSE:JOY) last issued its quarterly earnings data on Thursday, September 1st. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $587 million for the quarter. During the same quarter in the previous year, the business posted $0.59 EPS. Joy Global’s revenue for the quarter was down 26.0% on a year-over-year basis. On average, equities research analysts anticipate that Joy Global will post $0.14 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Monday, September 19th were issued a dividend of $0.01 per share. The ex-dividend date was Thursday, September 15th. This represents a $0.04 annualized dividend and a dividend yield of 0.14%. Joy Global’s dividend payout ratio is presently -0.29%.
Several hedge funds have recently modified their holdings of JOY. TIAA CREF Investment Management LLC raised its position in shares of Joy Global by 65.2% in the first quarter. TIAA CREF Investment Management LLC now owns 723,268 shares of the company’s stock worth $11,623,000 after buying an additional 285,333 shares during the period. Teachers Advisors Inc. raised its position in shares of Joy Global by 33.0% in the first quarter. Teachers Advisors Inc. now owns 1,025,602 shares of the company’s stock worth $16,481,000 after buying an additional 254,551 shares during the period. BlackRock Inc. raised its position in shares of Joy Global by 52.8% in the first quarter. BlackRock Inc. now owns 74,336 shares of the company’s stock worth $1,195,000 after buying an additional 25,694 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Joy Global by 37.4% in the first quarter. Canada Pension Plan Investment Board now owns 575,962 shares of the company’s stock worth $9,256,000 after buying an additional 156,700 shares during the period. Finally, OMERS ADMINISTRATION Corp purchased a new position in shares of Joy Global during the first quarter worth about $399,000.
Joy Global Company Profile
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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