Joy Global Misses Q1 Expectations

The company said it now expects revenue for the year to be $3.1 billion, down from a previous estimate between $3.3 billion and $3.6 billion. The highest estimate sees the stock going to $60 while the lowest has a $26 target.

Joy Global gapped open sharply lower Thursday and fell during the first half hour of trade.

The stock price of Joy Global Inc. has declined 64.14% over the last 200 days, and is in strong down trend. In looking at the long term dividend history, on average over the past five years, Joy Global Inc. has paid out $0.71 to shareholders annually. The mean target price is $41.09 according to First Call. Year-to-Date the stock performance stands at -51.97%.

Compared to other peers in the Farm & Construction Machinery sector, Joy Global hasn’t performed in terms of quarterly revenue growth year over year at -0.13 vs. the industry average of 0.20.

Joy Global Inc (NYSE:JOY), on 9/3/15, reported that its EPS was $0.54 compared with the average expectation for $0.61 a share. On average, analysts forecast that Joy Global will post $2.43 EPS for the current fiscal year.

As miserable as the day has been for Joy Global, JOY is now valued at a trailing price-to-earnings ratio of 6.9 and a forward P/E of 7.6. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. (NYSE:JOY). Investors must note that the brokerage house has a Buy rating on the shares of the company. This represents 1.3894% growth over that time period.

In related news, Director Richard B. Loynd acquired 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th.

Joy Global has cut jobs and lowered production among other measure to try to adapt to the slowing demand that has led to company’s revenue declining for the 10th quarter in a row in the three months ended July 31. The Organization manufactures and marketplace services and aftermarket parts and original equipment for both underground and surface mining and industrial uses that are specific. The Firm’s equipment can be used in major mining regions to mine coal, copper, iron ore, oil sands, gold and other minerals around the planet. The Company offers extensive functional support for all kinds of gear used in surface mining and is an important producer of surface mining equipment for the extraction of minerals and ores.