BMO Capital Markets reissued their market perform rating on shares of Joy Global (NYSE:JOY) in a research report sent to investors on Thursday morning, StockRatingsNetwork reports. The firm currently has a $53.00 price target on the stock, down from their previous price target of $55.00.
“Joy Global reported stronger-than-expected EPS results for FY3Q of $1.70 versus consensus of $1.37. However, more important than EPS were the weaker-than-expected new orders of just $695 million, well below the expected run rate of $1.0-$1.1 billion per quarter with declines in both aftermarket and equipment. Book-to-bill in the quarter was .53x, dropping backlog down to $1.6 billion from $2.2 billion at the end of the prior quarter. FY13 guidance was maintained at adjusted EPS of $5.75-$5.95 on sales of $4.9-$5.0 billion. The company also announced a $1.0 billion share repurchase program to be completed over three years.,” the firm’s analyst wrote.
Joy Global (NYSE:JOY) traded up 0.23% during mid-day trading on Thursday, hitting $49.12. The stock had a trading volume of 2,162,080 shares. Joy Global has a 52-week low of $47.83 and a 52-week high of $69.19. The stock has a 50-day moving average of $50.54 and a 200-day moving average of $54.95. The company has a market cap of $5.230 billion and a price-to-earnings ratio of 7.29.
The company also recently declared a quarterly dividend, which is scheduled for Wednesday, September 18th. Stockholders of record on Wednesday, September 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 1.43%. The ex-dividend date of this dividend is Friday, August 30th.
JOY has been the subject of a number of other recent research reports. Analysts at Jefferies Group reiterated a hold rating on shares of Joy Global in a research note to investors on Thursday. They now have a $47.00 price target on the stock, down previously from $60.00. Separately, analysts at TheStreet reiterated a hold rating on shares of Joy Global in a research note to investors on Tuesday, July 16th. Finally, analysts at Zacks reiterated a neutral rating on shares of Joy Global in a research note to investors on Thursday, July 11th. They now have a $52.00 price target on the stock.
One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and five have assigned a buy rating to the company. Joy Global currently has an average rating of Hold and an average target price of $65.09.
Joy Global Inc is a manufacturer and servicer of high productivity mining equipment for the extraction of coal and other minerals and ores.
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