Joy Global Downgraded by Robert W. Baird to Neutral (JOY)
Joy Global (NYSE:JOY) was downgraded by Robert W. Baird from an “outperform” rating to a “neutral” rating in a research note issued on Wednesday, TheFlyOnTheWall.com reports. They currently have a $55.00 price objective on the stock, down from their previous price objective of $57.00. Robert W. Baird’s price objective would suggest a potential upside of 3.85% from the stock’s previous close.
Shares of Joy Global (NYSE:JOY) opened at 52.96 on Wednesday. Joy Global has a one year low of $47.83 and a one year high of $69.19. The stock’s 50-day moving average is $51.31 and its 200-day moving average is $54.08. The company has a market cap of $5.628 billion and a P/E ratio of 7.88.
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 $5.85 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Morgan Stanley initiated coverage on shares of Joy Global (NYSE:JOY) in a research note to investors on Thursday, September 5th. They set an “equal weight” rating and a $47.00 price target on the stock. Separately, 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. Finally, 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.
One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company’s stock. Joy Global currently has a consensus rating of “Hold” and a consensus price target of $62.91.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, September 18th. Investors 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 1.32%. 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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