Axiom Securities Reiterates Sell Rating for Joy Global Inc. (JOY)
Joy Global Inc. (NYSE:JOY)‘s stock had its “sell” rating reissued by analysts at Axiom Securities in a report issued on Saturday.
A number of other analysts have also recently commented on the stock. Macquarie cut shares of Joy Global from an “outperform” rating to a “neutral” rating in a research note on Wednesday, October 19th. Vetr upgraded shares of Joy Global from a “sell” rating to a “hold” rating and set a $26.65 price target for the company in a research note on Monday, August 8th. 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 cut shares of Joy Global from a “buy” rating to a “hold” rating in a research note on Tuesday, November 8th. Finally, Robert W. Baird cut 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. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $19.41.
Shares of Joy Global (NYSE:JOY) opened at 28.07 on Friday. The stock’s 50 day moving average is $27.91 and its 200 day moving average is $24.99. The firm’s market capitalization is $2.76 billion. Joy Global has a 12 month low of $8.35 and a 12 month high of $28.55.
Joy Global (NYSE:JOY) last announced its earnings results on Thursday, September 1st. The company reported $0.10 EPS for the quarter, missing the Thomson Reuters’ 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 firm earned $0.59 EPS. The company’s revenue was down 26.0% compared to the same quarter last year. Equities research analysts forecast that Joy Global will post $0.14 earnings per share for the current fiscal year.
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A number of institutional investors have recently added to or reduced their stakes in the stock. Hartford Investment Management Co. purchased a new position in Joy Global during the second quarter valued at approximately $247,000. Strs Ohio raised its position in Joy Global by 0.9% in the second quarter. Strs Ohio now owns 907,800 shares of the company’s stock valued at $19,190,000 after buying an additional 7,800 shares in the last quarter. Ameriprise Financial Inc. raised its position in Joy Global by 356.8% in the second quarter. Ameriprise Financial Inc. now owns 1,214,180 shares of the company’s stock valued at $25,667,000 after buying an additional 948,394 shares in the last quarter. Nationwide Fund Advisors raised its position in Joy Global by 119.5% in the second quarter. Nationwide Fund Advisors now owns 353,543 shares of the company’s stock valued at $7,474,000 after buying an additional 192,449 shares in the last quarter. Finally, First Mercantile Trust Co. purchased a new position in Joy Global during the second quarter valued at approximately $180,000. 89.74% of the stock is currently owned by hedge funds and other institutional investors.
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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