Spark Investment Management buys $13.7 Million stake in Joy Global (JOY)

Joy Global (JOY) : Spark Investment Management scooped up 235,500 additional shares in Joy Global during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 12, 2016. The investment management firm now holds a total of 867,600 shares of Joy Global which is valued at $13.7 Million.Joy Global makes up approximately 1.41% of Spark Investment Management’s portfolio.

Other Hedge Funds, Including , Meeder Asset Management Inc boosted its stake in JOY in the latest quarter, The investment management firm added 31,202 additional shares and now holds a total of 44,867 shares of Joy Global which is valued at $710,693. Joy Global makes up approx 0.07% of Meeder Asset Management Inc’s portfolio.Blackrock Group Ltd reduced its stake in JOY by selling 156,672 shares or 59.27% in the most recent quarter. The Hedge Fund company now holds 107,651 shares of JOY which is valued at $1.7 Million.New York State Common Retirement Fund boosted its stake in JOY in the latest quarter, The investment management firm added 102,680 additional shares and now holds a total of 326,080 shares of Joy Global which is valued at $6.2 Million. Joy Global makes up approx 0.01% of New York State Common Retirement Fund’s portfolio.South Dakota Investment Council boosted its stake in JOY in the latest quarter, The investment management firm added 276,380 additional shares and now holds a total of 1,063,900 shares of Joy Global which is valued at $20.1 Million. Joy Global makes up approx 0.44% of South Dakota Investment Council’s portfolio. Capital Fund Management S.a. added JOY to its portfolio by purchasing 582,487 company shares during the most recent quarter which is valued at $11 Million. Joy Global makes up approx 0.19% of Capital Fund Management S.a.’s portfolio.

Joy Global opened for trading at $15.71 and hit $16.12 on the upside on Friday, eventually ending the session at $15.85, with a gain of 0.76% or 0.12 points. The heightened volatility saw the trading volume jump to 26,79,938 shares. Company has a market cap of $1,552,222 M.

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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