Joy Global Inc. (JOY) Cut to “Sell” at Zacks Investment Research
Joy Global Inc. (NYSE:JOY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Joy Global could face serious challenges ahead as the regulatory pressure on coal usage would result in an almost 21% year-over-year drop in the fossil fuel’s usage in 2016. This will surely hurt Joy Global as nearly 59% of its top line is derived from coal miners. Amid such challenging market conditions, Joy Global plans to continue its restructuring activities to align the company's workforce and overall cost structure with the current and future levels of demand. Joy Global will be acquired by Japanese mining equipment maker and seller Komatsu Ltd. for nearly $2.9 billion. A definitive agreement for the acquisition was signed by the representatives of both the companies, which is expected to close in mid-2017.”
JOY has been the topic of a number of other reports. Vetr lowered shares of Joy Global from a “hold” rating to a “sell” rating and set a $21.00 price target on the stock. in a research report on Monday, July 11th. FBR & Co reissued a “buy” rating on shares of Joy Global in a research report on Friday, July 22nd. Avondale Partners lowered shares of Joy Global from an “outperform” rating to a “market perform” rating in a research report on Friday, July 22nd. BB&T Corp. raised shares of Joy Global from an “underweight” rating to a “hold” rating in a research report on Thursday, July 21st. Finally, Axiom Securities reissued a “sell” rating on shares of Joy Global in a research report on Tuesday, August 30th. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have assigned a buy rating to the stock. Joy Global has a consensus rating of “Hold” and a consensus price target of $18.73.
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Shares of Joy Global (NYSE:JOY) traded down 0.04% on Tuesday, hitting $27.81. 1,343,144 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $27.61 and its 200 day moving average is $23.14. Joy Global has a 12 month low of $8.35 and a 12 month high of $28.55. The firm’s market cap is $2.73 billion.
Joy Global (NYSE:JOY) last released its quarterly earnings data on Thursday, September 1st. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by $0.02. Joy Global had a negative net margin of 52.93% and a positive return on equity of 2.76%. The business earned $587 million during the quarter. During the same quarter last year, the business earned $0.59 earnings per share. The company’s quarterly revenue was down 26.0% on a year-over-year basis. On average, equities analysts predict that Joy Global will post $0.14 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Monday, September 19th were paid a $0.01 dividend. The ex-dividend date was Thursday, September 15th. This represents a $0.04 annualized dividend and a dividend yield of 0.14%. Joy Global’s payout ratio is -0.29%.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Joy Global by 6.6% in the second quarter. Vanguard Group Inc. now owns 7,094,801 shares of the company’s stock valued at $149,984,000 after buying an additional 441,391 shares during the last quarter. BlackRock Fund Advisors increased its position in Joy Global by 56.4% in the second quarter. BlackRock Fund Advisors now owns 4,868,856 shares of the company’s stock valued at $102,928,000 after buying an additional 1,755,035 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its position in Joy Global by 3.5% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,916,619 shares of the company’s stock valued at $61,657,000 after buying an additional 99,451 shares during the last quarter. Panagora Asset Management Inc. increased its position in Joy Global by 525.8% in the second quarter. Panagora Asset Management Inc. now owns 2,077,750 shares of the company’s stock valued at $43,924,000 after buying an additional 1,745,739 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Joy Global by 6.8% in the second quarter. Bank of New York Mellon Corp now owns 2,028,479 shares of the company’s stock valued at $42,881,000 after buying an additional 129,710 shares during the last quarter.
About Joy Global
Joy Global Inc is a manufacturer and servicer of mining equipment for the extraction of metals and minerals. The Company manufactures and markets original equipment and parts, and performs services for both underground and surface mining, as well as certain industrial applications. Its equipment is used in mining regions to mine coal, copper, iron ore, oil sands, gold, and other minerals and ores.
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