Joy Global Now Covered by Analysts at Morgan Stanley (JOY)
Equities researchers at Morgan Stanley assumed coverage on shares of Joy Global (NYSE:JOY) in a research report issued on Thursday, AR Network reports. The firm set an “equal weight” rating and a $47.00 price target on the stock. Morgan Stanley’s price objective indicates a potential downside of 5.81% from the stock’s previous close.
The analysts wrote, “Returning more cash to shareholders is the right strategy, but this catalyst has been taken off the table for now following last week’s $1bn authorization announcement. Moreover, we see further risk to the Mining CapEx cycle within our proprietary analysis. Initiate at EW.”
Shares of Joy Global (NYSE:JOY) traded up 0.34% on Thursday, hitting $50.07. 88,907 shares of the company’s stock traded hands. Joy Global has a 1-year low of $47.83 and a 1-year high of $69.19. The stock’s 50-day moving average is $50.42 and its 200-day moving average is $54.70. The company has a market cap of $5.331 billion and a P/E ratio of 7.43.
Joy Global (NYSE:JOY) last posted its quarterly earnings results on Wednesday, August 28th. The company reported $1.70 EPS for the quarter, beating the Thomson Reuters 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 $5.86 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at BB&T Corp. downgraded shares of Joy Global (NYSE:JOY) from a “buy” rating to a “hold” rating in a research note to investors on Friday, August 30th. They now have a $75.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at Barclays Capital cut their price target on shares of Joy Global (NYSE:JOY) from $66.00 to $55.00 in a research note to investors on Thursday, August 29th. They now have an “equal weight” rating on the stock. Finally, analysts at BMO Capital Markets reiterated a “market perform” rating on shares of Joy Global (NYSE:JOY) in a research note to investors on Thursday, August 29th. They now have a $53.00 price target on the stock, down previously from $55.00.
One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the stock. Joy Global presently has a consensus rating of “Hold” and an average target price of $63.41.
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 1.40%. 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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.