Adams Asset Advisors buys $7,916,639 stake in Joy Global (JOY)

Joy Global (JOY) : Adams Asset Advisors scooped up 10,472 additional shares in Joy Global during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 19, 2016. The investment management firm now holds a total of 336,163 shares of Joy Global which is valued at $7,916,639.Joy Global makes up approximately 1.32% of Adams Asset Advisors’s portfolio.

Other Hedge Funds, Including , Acadian Asset Management added JOY to its portfolio by purchasing 19,247 company shares during the most recent quarter which is valued at $453,267. First Manhattan Co added JOY to its portfolio by purchasing 1,100 company shares during the most recent quarter which is valued at $26,433.Macnealy Hoover Investment Management Inc boosted its stake in JOY in the latest quarter, The investment management firm added 1,500 additional shares and now holds a total of 20,125 shares of Joy Global which is valued at $441,140. Joy Global makes up approx 0.08% of Macnealy Hoover Investment Management Inc’s portfolio.Next Financial Group Inc reduced its stake in JOY by selling 700 shares or 8.13% in the most recent quarter. The Hedge Fund company now holds 7,905 shares of JOY which is valued at $173,278. Joy Global makes up approx 0.05% of Next Financial Group Inc’s portfolio.

Joy Global opened for trading at $23.08 and hit $23.79 on the upside on Wednesday, eventually ending the session at $23.55, with a gain of 1.07% or 0.25 points. The heightened volatility saw the trading volume jump to 20,52,482 shares. Company has a market cap of $2,311 M.

On the company’s financial health, Joy Global reported $0.09 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Jun 2, 2016. Analyst had a consensus of $-0.01. The company had revenue of $602.00 million for the quarter, compared to analysts expectations of $605.64 million. The company’s revenue was down -25.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.59 EPS.

Many Wall Street Analysts have commented on Joy Global. Joy Global was Upgraded by BB&T Capital Mkts to ” Hold” on Jul 21, 2016. Company shares were Upgraded by FBR Capital on Jun 10, 2016 to ” Outperform”, Firm has raised the Price Target to $ 25 from a previous price target of $14 .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 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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