Joy Global Inc. (JOY) Rating Lowered to Hold at Zacks Investment Research
Joy Global Inc. (NYSE:JOY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Joy Global plans to continue with 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 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.”
Other equities research analysts have also recently issued research reports about the stock. Vetr cut shares of Joy Global from a “sell” rating to a “strong sell” rating and set a $21.00 price target for the company. in a research report on Monday, July 25th. William Blair cut shares of Joy Global from an “outperform” rating to a “market perform” rating in a research report on Wednesday, October 19th. BB&T Corp. upgraded shares of Joy Global from an “underweight” rating to a “hold” rating in a research report on Thursday, July 21st. FBR & Co reiterated a “buy” rating on shares of Joy Global in a research report on Friday, July 22nd. Finally, Macquarie cut shares of Joy Global from an “outperform” rating to a “neutral” rating in a report on Wednesday, October 19th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $19.41.
Shares of Joy Global (NYSE:JOY) opened at 27.98 on Tuesday. Joy Global has a 12 month low of $8.35 and a 12 month high of $28.55. The stock’s market cap is $2.75 billion. The company has a 50 day moving average of $27.80 and a 200 day moving average of $24.34.
Joy Global (NYSE:JOY) last issued its quarterly earnings results on Thursday, September 1st. The company reported $0.10 EPS for the quarter, missing the 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 business had revenue of $587 million for the quarter. During the same period last year, the company posted $0.59 EPS. Joy Global’s revenue for the quarter was down 26.0% compared to the same quarter last year. Equities research analysts expect that Joy Global will post $0.13 earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of 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 in the last quarter. First New York Securities LLC NY bought a new position in Joy Global during the third quarter valued at approximately $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 in the last quarter. Invictus RG bought a new position in Joy Global during the first quarter valued at approximately $180,000. Finally, First Mercantile Trust Co. bought a new position in Joy Global during the second quarter valued at 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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