Joy Global Short Interest Down 17.7% in July (JOY)
Joy Global (NYSE:JOY) was the target of a significant decline in short interest in July. As of July 31st, there was short interest totalling 17,641,708 shares, a decline of 17.7% from the July 15th total of 21,434,482 shares, Analyst Ratings News reports. Approximately 17.8% of the shares of the stock are short sold. Based on an average daily volume of 2,331,867 shares, the days-to-cover ratio is presently 7.6 days.
Several analysts have recently commented on the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of Joy Global from $58.00 to $60.00 in a research note on Monday, June 30th. They now have a “neutral” rating on the stock. Separately, analysts at Longbow Research downgraded shares of Joy Global from a “neutral” rating to an “underperform” rating in a research note on Monday, June 23rd. They now have a $50.00 price target on the stock. Finally, analysts at KeyCorp reiterated a “buy” rating on shares of Joy Global in a research note on Monday, June 9th. They now have a $75.00 price target on the stock, up previously from $65.00. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $61.53.
Joy Global (NYSE:JOY) opened at 61.52 on Monday. Joy Global has a 52 week low of $48.07 and a 52 week high of $65.36. The stock has a 50-day moving average of $61.28 and a 200-day moving average of $58.98. The company has a market cap of $6.147 billion and a P/E ratio of 19.41.
Joy Global (NYSE:JOY) last announced its earnings results on Thursday, June 5th. The company reported $0.76 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.71 by $0.05. The company had revenue of $930.00 million for the quarter, compared to the consensus estimate of $933.02 million. During the same quarter in the prior year, the company posted $1.73 earnings per share. The company’s quarterly revenue was down 31.7% on a year-over-year basis. Analysts expect that Joy Global will post $3.22 EPS for the current fiscal year.
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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