Zacks Reaffirms Neutral Rating for Joy Global (JOY)
Joy Global (NYSE:JOY)‘s stock had its “neutral” rating reissued by Zacks in a research note issued on Friday. They currently have a $67.00 price target on the stock. Zacks‘s target price points to a potential upside of 5.05% from the stock’s previous close.
Zacks’ analyst wrote, “Joy Global’s earnings and total revenue in the second quarter fiscal 2014 surpassed the Zacks Consensus Estimate but lagged its year-ago performance. Persistent softness in the global mining market negatively affected Underground Mining Machinery and Surface Mining Equipment sales. The frigid winter in the U.S. resulted in higher usage of coal to produce electricity, consequently depleting coal reserves. In addition, higher steel usage projected for 2014 by the World Steel Association could boost met coal demand. Therefore, these factors could bring in a glimmer of hope for mining equipment manufacturers. However, the global supply glut of commodities is creating a downward pressure on prices and neutralizing the positive impact of the above mentioned factors. Considering the risks and the rewards, we are maintaining a Neutral recommendation on the stock. “
Several other analysts have also 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 equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. Joy Global currently has an average rating of “Hold” and an average price target of $61.85.
Shares of Joy Global (NYSE:JOY) traded down 0.74% on Friday, hitting $63.31. 632,151 shares of the company’s stock traded hands. Joy Global has a one year low of $48.07 and a one year high of $65.36. The stock’s 50-day moving average is $61.51 and its 200-day moving average is $59.27. The company has a market cap of $6.325 billion and a price-to-earnings ratio of 20.03.
Joy Global (NYSE:JOY) last announced its earnings results on Thursday, June 5th. The company reported $0.76 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $1.73 earnings per share. Joy Global’s revenue was down 31.7% compared to the same quarter last year. On average, analysts predict that Joy Global will post $3.22 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, September 18th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.25%. The ex-dividend date is Tuesday, September 2nd.
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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