Icm Asset Management Incwa Lowers stake in Joy Global (JOY)

Joy Global (JOY) : Icm Asset Management Incwa reduced its stake in Joy Global by 6.82% during the most recent quarter end. The investment management company now holds a total of 144,305 shares of Joy Global which is valued at $2,730,251 after selling 10,555 shares in Joy Global , the firm said in a disclosure report filed with the SEC on May 2, 2016.Joy Global makes up approximately 4.26% of Icm Asset Management Incwa’s portfolio.

Joy Global opened for trading at $18.46 and hit $19.18 on the upside on Friday, eventually ending the session at $18.92, with a gain of 1.28% or 0.24 points. The heightened volatility saw the trading volume jump to 21,12,710 shares. Company has a market cap of $1,853 M.

Other Hedge Funds, Including , Quantitative Investment Management boosted its stake in JOY in the latest quarter, The investment management firm added 8,200 additional shares and now holds a total of 92,100 shares of Joy Global which is valued at $1,742,532. Joy Global makes up approx 0.08% of Quantitative Investment Management’s portfolio.Killen Group Inc boosted its stake in JOY in the latest quarter, The investment management firm added 5,000 additional shares and now holds a total of 30,000 shares of Joy Global which is valued at $639,000. Joy Global makes up approx 0.09% of Killen Group Inc’s portfolio.Louisiana State Employees Retirement System boosted its stake in JOY in the latest quarter, The investment management firm added 300 additional shares and now holds a total of 27,200 shares of Joy Global which is valued at $579,360. Joy Global makes up approx 0.03% of Louisiana State Employees Retirement System’s portfolio.Pggm Investments boosted its stake in JOY in the latest quarter, The investment management firm added 1,563 additional shares and now holds a total of 64,916 shares of Joy Global which is valued at $1,335,322. Joy Global makes up approx 0.01% of Pggm Investments’s portfolio.

On the company’s financial health, Joy Global reported $-0.23 EPS for the quarter, missing the analyst consensus estimate by $ -0.10 based on the information available during the earnings call on Mar 3, 2016. Analyst had a consensus of $-0.13. The company had revenue of $526.30 million for the quarter, compared to analysts expectations of $523.69 million. The company’s revenue was down -25.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.25 EPS.

Many Wall Street Analysts have commented on Joy Global. Company shares were Upgraded by Goldman on Apr 25, 2016 to ” Neutral”, Firm has raised the Price Target to $ 24 from a previous price target of $13 .Joy Global was Upgraded by BofA/Merrill to ” Neutral” on Apr 18, 2016. Company shares were Reiterated by RBC Capital Mkts on Mar 4, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 16 from a previous price target of $15 .

Joy Global Inc. is a manufacturer and servicer of high productivity mining equipment for the extraction of coal and other minerals and ores. The Company manufactures and market original equipment and aftermarket parts and services for both underground and surface mining and certain industrial applications. The Company’s equipment is used in major mining regions throughout the world to mine coal copper iron ore oil sands gold and other minerals. The Company operates in two business segments: Underground Mining Machinery and Surface Mining Equipment. The Company is a manufacturer of underground mining machinery for the extraction of coal and other bedded minerals and offer service locations near major mining regions worldwide. The Company is a major producer of surface mining equipment for the extraction of ores and minerals and provides extensive operational support for many types of equipment used in surface mining.

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