Joy Global’s Neutral Rating Reaffirmed at Zacks (JOY)
Joy Global (NYSE: JOY)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Tuesday. They currently have a $67.00 price target on the stock.
Zacks‘ analyst wrote, “JOY Global Inc.’s fiscal first quarter results were ahead of our expectation thanks to the strong performance from its Surface Mining Equipment segment. Joy Global continues to face the rippling effect of the sluggish market conditions of 2012, with its booking in the reported quarter declining from the comparable previous year quarter. However, global steel and coal production is on an uptrend with a similar trend observed in the copper markets. These macro factors can influence growth at Joy Global. Particularly rising demand for coal in China and India is expected to improve the fortune of this mining equipment manufacturer. The slowly declining coal stockpiles, continued Eurozone debt crisis and the decline in booking make us skeptical of any quick recovery from 2012 levels. Hence, we retain our Neutral recommendation on the stock.”
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs reiterated a “buy” rating on shares of Joy Global in a research note to investors on Thursday, February 28th. They now have a $83.00 price target on the stock. Separately, analysts at UBS AG raised their price target on shares of Joy Global from $60.00 to $64.00 in a research note to investors on Thursday, February 28th. They now have a “neutral” rating on the stock. Finally, analysts at Credit Agricole upgraded shares of Joy Global from an “underperform” rating to a “buy” rating in a research note to investors on Thursday, February 28th. They now have a $78.00 price target on the stock, up previously from $72.00.
Eleven analysts have rated the stock with a buy rating, two have assigned an overweight rating, and seven have assigned a hold rating to the company’s stock. Joy Global presently has an average rating of “overweight” and an average target price of $103.53.
Shares of Joy Global traded down 1.28% during mid-day trading on Tuesday, hitting $60.95. Joy Global has a one year low of $47.69 and a one year high of $82.02. The stock’s 50-day moving average is currently $62.84. The company has a market cap of $6.473 billion and a P/E ratio of 8.66.
Joy Global last announced its earnings results on Wednesday, February 27th. The company reported $1.31 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.14 by $0.17. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the company posted $1.33 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. Joy Global has set its FY13 guidance at $5.75-6.50 EPS. On average, analysts predict that Joy Global will post $6.21 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, March 18th. Stockholders of record on Monday, March 4th will be given a dividend of $0.18 per share. This represents a $0.70 dividend on an annualized basis and a yield of 1.13%. The ex-dividend date of this dividend is Thursday, February 28th.
Joy Global Inc. is a manufacturer and servicer of mining equipment for the extraction of coal and other minerals, and ores.
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