Joy Global’s “Neutral” Rating Reaffirmed at Zacks (JOY)
Joy Global (NYSE:JOY)‘s stock had its “neutral” rating reiterated by Zacks in a research report issued on Wednesday, American Banking and Market News reports. They currently have a $57.00 price objective on the stock. Zacks‘ target price would indicate a potential upside of 4.61% from the stock’s previous close.
Zacks‘ analyst wrote, “Joy Global Inc.’s fiscal third quarter earnings exceeded our expectation but lagged the year-ago performance. Despite the earnings beat, we remain cautious about the decline in backlog as well as order booking. The supply glut in the global market and falling prices of coal, metals and bulk commodities have resulted in a decline in mining operations and have consequently lowered demand for mining equipment. In addition, customers have significantly reduced their capital expenditures, which in turn lowered demand for mining equipment. However, on the positive, an expected increase in global steel production, more coal being used to generate electricity globally and reduction of U.S. coal stockpiles to the 5-year average are encouraging signs for this mining equipment manufacturer. We thus retain our Neutral recommendation on the stock.”
Shares of Joy Global (NYSE:JOY) traded down 0.53% during mid-day trading on Wednesday, hitting $54.20. 1,464,976 shares of the company’s stock traded hands. Joy Global has a 52-week low of $47.83 and a 52-week high of $69.19. The stock has a 50-day moving average of $51.05 and a 200-day moving average of $54.32. The company has a market cap of $5.760 billion and a price-to-earnings ratio of 8.11.
Joy Global (NYSE:JOY) last released its earnings data on Wednesday, August 28th. The company reported $1.70 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $1.82 earnings per share. Joy Global’s revenue was down 4.9% compared to the same quarter last year. On average, analysts predict that Joy Global will post $5.84 earnings per share for the current fiscal year.
A number of other analysts have also recently weighed in on JOY. Analysts at Robert W. Baird downgraded shares of Joy Global from an “outperform” rating to a “neutral” rating in a research note to investors on Wednesday, September 18th. They now have a $55.00 price target on the stock, down previously from $57.00. Separately, analysts at Morgan Stanley initiated coverage on shares of Joy Global 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. Finally, analysts at BB&T Corp. downgraded shares of Joy Global 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. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $63.97.
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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