Tig Advisors adds Joy Global (JOY) to its portfolio

Joy Global (JOY) : Tig Advisors added new position in Joy Global during the most recent quarter end. The investment management firm now holds 1,952,778 shares of Joy Global which is valued at $54,853,534 , the company said in a statement filed on Nov 14, 2016 with the SEC.Joy Global makes up approximately 6.70% of Tig Advisors’s portfolio.

Other Hedge Funds, Including , Bogle Investment Management L P De sold out all of its stake in JOY during the most recent quarter. The investment firm sold 620,890 shares of JOY which is valued $17,440,800.Teachers Advisors reduced its stake in JOY by selling 654,322 shares or 80.5% in the most recent quarter. The Hedge Fund company now holds 158,488 shares of JOY which is valued at $4,431,324. Joy Global makes up approx 0.01% of Teachers Advisors’s portfolio.Aperio Group boosted its stake in JOY in the latest quarter, The investment management firm added 1,827 additional shares and now holds a total of 84,379 shares of Joy Global which is valued at $2,349,955. Joy Global makes up approx 0.02% of Aperio Group’s portfolio.Spot Trading L.l.c reduced its stake in JOY by selling 10,400 shares or 42.89% in the most recent quarter. The Hedge Fund company now holds 13,846 shares of JOY which is valued at $384,919. Joy Global makes up approx 0.06% of Spot Trading L.l.c’s portfolio.Louisiana State Employees Retirement System reduced its stake in JOY by selling 700 shares or 2.68% in the most recent quarter. The Hedge Fund company now holds 25,400 shares of JOY which is valued at $708,914. Joy Global makes up approx 0.04% of Louisiana State Employees Retirement System’s portfolio.

Joy Global closed down -0.05 points or -0.18% at $28 with 10,39,299 shares getting traded on Monday. Post opening the session at $28.04, the shares hit an intraday low of $27.97 and an intraday high of $28.06 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

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.

Many Wall Street Analysts have commented on Joy Global. Joy Global was Downgraded by CL King to ” Neutral” on Oct 19, 2016. 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 .

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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