Joy Global Inc. (JOY) Downgraded to Market Perform at William Blair
Joy Global Inc. (NYSE:JOY) was downgraded by investment analysts at William Blair from an “outperform” rating to a “market perform” rating in a report issued on Wednesday.
A number of other research analysts also recently issued reports on JOY. CL King downgraded Joy Global from a “buy” rating to a “neutral” rating in a research note on Wednesday. Zacks Investment Research downgraded Joy Global from a “hold” rating to a “sell” rating in a research note on Tuesday. BMO Capital Markets restated a “hold” rating and set a $28.00 price target on shares of Joy Global in a research note on Tuesday, September 20th. Robert W. Baird downgraded Joy Global from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $26.00 to $28.00 in a research note on Friday, September 2nd. Finally, Axiom Securities restated a “sell” rating on shares of Joy Global in a research note on Tuesday, August 30th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $18.73.
Shares of Joy Global (NYSE:JOY) opened at 27.86 on Wednesday. Joy Global has a 52-week low of $8.35 and a 52-week high of $28.55. The stock’s market capitalization is $2.73 billion. The stock has a 50 day moving average price of $27.62 and a 200-day moving average price of $23.23.
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Joy Global (NYSE:JOY) last released its quarterly earnings data on Thursday, September 1st. The company reported $0.10 EPS 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 in the prior year, the firm posted $0.59 EPS. The business’s revenue was down 26.0% on a year-over-year basis. On average, equities research analysts anticipate that Joy Global will post $0.14 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Monday, September 19th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.14%. The ex-dividend date was Thursday, September 15th. Joy Global’s payout ratio is currently -0.29%.
A number of institutional investors have recently added to or reduced their stakes in JOY. LS Investment Advisors LLC increased its position in Joy Global by 71.9% in the second quarter. LS Investment Advisors LLC now owns 6,053 shares of the company’s stock valued at $128,000 after buying an additional 2,532 shares during the last quarter. First New York Securities LLC NY bought a new position in Joy Global during the third quarter valued at $153,000. OLD Mutual Customised Solutions Proprietary Ltd. increased its position 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 valued at $169,000 after buying an additional 7,400 shares during the last quarter. Invictus RG bought a new position in Joy Global during the first quarter valued at $180,000. Finally, First Mercantile Trust Co. bought a new position in Joy Global during the second quarter valued at $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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