Joy Global Inc. (JOY) Stock Rating Lowered by Macquarie
Joy Global Inc. (NYSE:JOY) was downgraded by research analysts at Macquarie from an “outperform” rating to a “neutral” rating in a report released on Wednesday.
JOY has been the topic of several other research reports. Vetr lowered Joy Global from a “sell” rating to a “strong sell” rating and set a $21.00 price target on the stock. in a research note on Monday, July 18th. Barclays PLC lowered Joy Global from an “overweight” rating to an “equal weight” rating in a research note on Thursday, July 21st. 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. Zacks Investment Research lowered Joy Global from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Jefferies Group lifted their price target on Joy Global from $19.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, July 15th. Three equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $18.73.
Joy Global (NYSE:JOY) traded up 0.18% during midday trading on Wednesday, reaching $27.86. The company had a trading volume of 1,997,985 shares. Joy Global has a 12-month low of $8.35 and a 12-month high of $28.55. The company’s market capitalization is $2.73 billion. The stock has a 50-day moving average price of $27.61 and a 200 day moving average price of $23.19.
Joy Global (NYSE:JOY) last posted its quarterly earnings data on Thursday, September 1st. The company reported $0.10 EPS 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 company had revenue of $587 million for the quarter. During the same quarter in the previous year, the business posted $0.59 EPS. Joy Global’s revenue for the quarter was down 26.0% on a year-over-year basis. Equities analysts forecast that Joy Global will post $0.14 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Monday, September 19th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date of this dividend was Thursday, September 15th. Joy Global’s payout ratio is -0.29%.
Hedge funds have recently modified their holdings of the stock. Robotti Robert raised its stake in shares of Joy Global by 8.6% in the first quarter. Robotti Robert now owns 63,409 shares of the company’s stock worth $1,019,000 after buying an additional 5,030 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Joy Global during the first quarter worth approximately $324,000. Magnetar Financial LLC raised its stake in shares of Joy Global by 7.7% in the first quarter. Magnetar Financial LLC now owns 35,117 shares of the company’s stock worth $564,000 after buying an additional 2,501 shares during the last quarter. A.R.T. Advisors LLC raised its stake in shares of Joy Global by 31.8% in the first quarter. A.R.T. Advisors LLC now owns 168,891 shares of the company’s stock worth $2,714,000 after buying an additional 40,729 shares during the last quarter. Finally, Invictus RG purchased a new stake in shares of Joy Global during the first quarter worth approximately $180,000.
Joy Global Company Profile
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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