Joy Global Inc. (JOY) Cut to Neutral at CL King
Joy Global Inc. (NYSE:JOY) was downgraded by equities research analysts at CL King from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, The Fly reports.
Several other equities analysts have also commented on JOY. Zacks Investment Research lowered shares of Joy Global from a “hold” rating to a “sell” rating in a research note on Tuesday. BMO Capital Markets reiterated a “hold” rating and issued a $28.00 price target on shares of Joy Global in a research note on Tuesday, September 20th. Robert W. Baird lowered shares of Joy Global from an “outperform” rating to a “neutral” rating and increased their price target for the company from $26.00 to $28.00 in a research note on Friday, September 2nd. Axiom Securities reiterated a “sell” rating on shares of Joy Global in a research note on Tuesday, August 30th. Finally, Vetr upgraded shares of Joy Global from a “strong sell” rating to a “buy” rating and set a $30.44 price target on the stock in a research note on Monday, August 22nd. Three research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and two have issued a buy rating to the company’s stock. Joy Global presently has a consensus rating of “Hold” and an average target price of $18.73.
Joy Global (NYSE:JOY) traded up 0.29% during trading on Wednesday, hitting $27.89. 803,636 shares of the stock traded hands. Joy Global has a 12 month low of $8.35 and a 12 month high of $28.55. The stock’s market cap is $2.74 billion. The firm’s 50-day moving average is $27.61 and its 200-day moving average is $23.19.
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Joy Global (NYSE:JOY) last released its earnings results on Thursday, September 1st. The company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by $0.02. Joy Global had a positive return on equity of 2.76% and a negative net margin of 52.93%. The firm had revenue of $587 million for the quarter. During the same quarter last year, the firm earned $0.59 EPS. The business’s revenue for the quarter was down 26.0% on a year-over-year basis. On average, analysts forecast that Joy Global will post $0.14 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Monday, September 19th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.14%. The ex-dividend date of this dividend was Thursday, September 15th. Joy Global’s dividend payout ratio is currently -0.29%.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. LS Investment Advisors LLC boosted its position in shares of Joy Global by 71.9% in the second quarter. LS Investment Advisors LLC now owns 6,053 shares of the company’s stock worth $128,000 after buying an additional 2,532 shares in the last quarter. First New York Securities LLC NY bought a new stake in Joy Global during the third quarter worth approximately $153,000. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in Joy Global by 1,233.3% in the second quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,000 shares of the company’s stock worth $169,000 after buying an additional 7,400 shares in the last quarter. Invictus RG bought a new stake in Joy Global during the first quarter worth approximately $180,000. Finally, First Mercantile Trust Co. bought a new stake in Joy Global during the second quarter worth approximately $180,000.
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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