3 Noteworthy Trades as Insider Buying Heats Up Amid Record Broader Market Sell-Off

Joy Global Inc. (NYSE:JOY) is another company that had one of its top executives purchase shares this past week. President and Chief Executive Officer Edward L. Doheny II bought 10,000 shares on Wednesday for $11.20 each and currently holds 277,374 shares. The manufacturer and servicer of high productivity mining equipment for the extraction of metals and minerals has seen its shares decline by 77% over the past year and by 22% in 2016 alone. The company’s net sales for fiscal year 2015 totaled $3.2 billion, down from $3.8 billion reported for fiscal year 2014. This substantial decrease was mainly caused by a decrease in both original equipment sales and services sales. Most importantly, Joy Global generated an operating loss of $1.1 billion for FY 2015, compared to income of $527.5 million reported for the prior fiscal year. This decrease was attributable to a significant amount of impairment charges, in addition to a loss of margins on lower sales volumes, an unfavorable product mix, and lower manufacturing cost absorption. The company is a major manufacturer of underground and surface mining equipment for the extraction of coal, and the mix of regulatory pressures and low natural gas prices have put significant weight on its operations in the U.S coal market. D.E. Shaw & Co. L.P., founded by David E. Shaw in 1988, upped its position in Joy Global Inc. (NYSE:JOY) by 36% during the third quarter to 1.62 million shares.

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