Joy Global (JOY) is Downgraded by CL King to Neutral

Joy Global (JOY) was Downgraded by CL King to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. CL King advised their investors in a research report released on Oct 19, 2016.

Many Wall Street Analysts have commented on Joy Global. Company shares were Downgraded by Robert W. Baird on Sep 2, 2016 to ” Neutral”, Firm has raised the Price Target to $ 28 from a previous price target of $26 .

On the company’s financial health, Joy Global reported $0.10 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on Sep 1, 2016. Analyst had a consensus of $0.12. The company had revenue of $586.50 million for the quarter, compared to analysts expectations of $605.61 million. The company’s revenue was down -26.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.54 EPS.

Joy Global closed down -0.04 points or -0.14% at $27.86 with 11,04,811 shares getting traded on Friday. Post opening the session at $27.93, the shares hit an intraday low of $27.84 and an intraday high of $28 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

In a different news, on Jan 8, 2016, Edward L Ii Doheny (CEO) purchased 10,000 shares at $11.20 per share price. According to the SEC, on Sep 29, 2015, Paul Eric Siegert (director) purchased 25,000 shares at $14.81 per share price. On Sep 17, 2015, Richard B Loynd (director) purchased 5,000 shares at $18.60 per share price, according to the Form-4 filing with the securities and exchange commission.

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.

Joy Global

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