Joy Global Stock Rating Lowered by BB&T Corp. (JOY)
Joy Global (NYSE:JOY) was downgraded by stock analysts at BB&T Corp. from a “buy” rating to a “hold” rating in a report issued on Friday, TheFlyOnTheWall.com reports. The analysts noted that the move was a valuation call.
Joy Global (NYSE:JOY) traded down 0.40% on Friday, hitting $48.809. The stock had a trading volume of 471,746 shares. Joy Global has a 52 week low of $47.83 and a 52 week high of $69.19. The stock’s 50-day moving average is $50.63 and its 200-day moving average is $55.09. The company has a market cap of $5.187 billion and a P/E ratio of 7.19. Joy Global also saw unusually large options trading on Tuesday. Investors bought 16,465 call options on the stock. This represents an increase of approximately 286% compared to the average volume of 4,268 call options.
Joy Global (NYSE:JOY) last released its earnings data on Wednesday, August 28th. The company reported $1.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.34. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company posted $1.82 earnings per share. The company’s quarterly revenue was down 4.9% on a year-over-year basis. Analysts expect that Joy Global will post $5.85 EPS for the current fiscal year.
JOY has been the subject of a number of other recent research reports. Analysts at Barclays Capital cut their price target on shares of Joy Global from $66.00 to $55.00 in a research note to investors on Thursday. They now have an “equal weight” rating on the stock. Separately, analysts at BMO Capital Markets reiterated a “market perform” rating on shares of Joy Global in a research note to investors on Thursday. They now have a $53.00 price target on the stock, down previously from $55.00. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of Joy Global in a research note to investors on Thursday. They now have a $47.00 price target on the stock, down previously from $60.00.
One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company. Joy Global presently has an average rating of “Hold” and a consensus price target of $64.43.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, September 18th. Stockholders of record on Wednesday, September 4th will be paid a dividend of $0.18 per share. This represents a $0.70 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Friday, August 30th.
Joy Global Inc is a manufacturer and servicer of high productivity mining equipment for the extraction of coal and other minerals and ores.
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