Noble (NBL) (MXIM) (NUVA) (DPZ) (HOLX) (JOY) (MJN) (MSI) Price Targets Changed

Noble Energy (NYSE: NBL), Maxim Integrated Products Inc. (NASDAQ: MXIM), NuVasive (NASDAQ: NUVA), Domino’s Pizza, Inc. (NYSE: DPZ), Hologic, Inc. (NASDAQ: HOLX), Joy Global Inc. (NYSE: JOY), Mead Johnson Nutrition (NYSE: MJN) and Motorola Solutions (NYSE: MSI) had price targets on them adjusted by analysts.

Maxim Integrated Products Inc. (MXIM) had its price target raised by FBR Capital from $30.00 to $32.00. The have an “Outperform” rating on the company.

Noble Energy (NYSE: NBL) had its price target raised by RBC Capital from $125.00 to $130.00. They have an “Outperform” rating on the company.

NuVasive (NUVA) had its price target lowered by Kaufman Brothers from $21.00 to $15.00. They have a “Hold” rating on the company.

Domino’s Pizza, Inc. (DPZ) had its price target raised by Argus from $35.00 to $39.00. They have a “Buy” rating on the company.

Hologic, Inc. (HOLX) had its price target raised by Kaufman Brothers from $19.00 to $21.00. They have a “Buy” rating on the company.

Joy Global Inc. (JOY) had its price target raised by RBC Capital from $93.00 to $97.00. They have an “Outperform” rating on the company.

Mead Johnson Nutrition (MJN) had its price target lowered by Bank of America (NYSE:BAC) to $75.00.

Motorola Solutions (MSI) had its price target lowered by Morgan Keegan to $49.00.

IDEX (IEX) (JOYG) (OVTI) (PAG) (SDRL) (MDCO) Ratings Reiterated

IDEX Corp (NYSE:IEX), Joy Global (NASDAQ:JOYG), OmniVision (NASDAQ:OVTI), Penske Auto (NYSE:PAG), Seadrill Ltd (NYSE:SDRL) and The Medicines Co (NASDAQ:MDCO) had ratings on them reiterated by analysts.

Barrington Research reiterated its rating on IDEX Corp. (IEX). They have an "Outperform" rating on the company, and cut its price target from $55 to $45.

Barclays Capital reiterated its rating on Joy Global (JOYG). They have an "Overweight" rating on the company, and cut its price target from $114 to $112.

Needham reiterated its rating on OmniVision (OVTI). They have a "Strong Buy" rating on the company, and slashed their price target on them from $45 to $30.

Ticonderoga reiterated its rating on Penske Auto (PAG). They have a "Buy" rating on the company, and lowered their price target from $27 to $25.

Dahlman Rose reiterated its rating on Seadrill Ltd (SDRL). They have a "Buy" rating on the company, and lowered their price target from $42 to $38.

Argus reiterated its rating on The Medicines Co. (MDCO). They have a "Buy" rating on the company, and cut their price target on them from $25 to $20.

Joy Global (JOYG) (DDIC) (IGT) (CHFC) (CASH) Declare Dividends

The Board of Directors of Joy Global Inc. (NASDAQ:JOYG) declared a quarterly common stock dividend of $0.175 per share payable 9/19/11 to shareholders of record at the close of business on 9/5/11.

The Board of Directors of DDI Corp. (NASDAQ:DDIC) declared a third quarter common stock dividend of $0.10 per share payable 9/30/11 to shareholders of record at the close of business on 9/15/11.

The Board of Directors of International Game Technology (NYSE:IGT) declared a quarterly common stock dividend of $0.06 per share payable 10/7/11 to shareholders of record at the close of business on 9/22/11.

The Board of Directors of Chemical Financial Corp. (NASDAQ:CHFC) declared a third quarter common stock dividend of $0.20 per share payable 9/16/11 to shareholders of record at the close of business on 9/2/11.

The Board of Directors of Meta Financial Group, Inc. (NASDAQ:CASH) declared a fourth quarter common stock dividend of $0.13 per share payable 10/1/11 to shareholders of record at the close of business on 9/12/11.

Agnico-Eagle (AEM) (CAT) (DE) (JOYG) (INTC) Getting New Coverage

Agnico-Eagle Mines Limited (NYSE: AEM), Caterpillar Inc. (NYSE: CAT), Deere & Company (NYSE: DE), Joy Global Inc. (NASDAQ: JOYG) and Intel (NASDAQ: INTC) get new coverage from analysts.

RBC Capital has initiated coverage on Agnico-Eagle Mines Limited (AEM). They placed a “sector perform” rating on the company.

William Blair launched coverage on Caterpillar Inc. (CAT). They placed an “outperform” rating and a price target of $135.00 on the company.

William Blair initiated coverage on Deere & Company (DE). They placed a “market perform” rating and a price target of $86.00 on the company.

William Blair started coverage on Joy Global Inc. (JOYG). They placed a “market perform” rating and a price target of $99.00 on the company.

Wedbush launched coverage on Intel (INTC). They placed a “neutral” rating and a price target of $25.00 on the company.

Cloud Peak Energy Inc. (NYSE:CLD), Joy Global (Nasdaq:JOYG), Massey Energy (NYSE:MEE) and Peabody Energy Corporation (NYSE:BTU) Futures Look Good as C

Coal demand should provide good returns for coal companies like Cloud Peak Energy Inc. (NYSE:CLD), Joy Global (Nasdaq:JOYG), Massey Energy (NYSE:MEE) and Peabody Energy Corporation (NYSE:BTU).

While the stories of the demise of coal have been going on for decades, a new report from the U.S. Energy Information Administration called the “Annual Energy Outlook,” again asserts coal will decline substantially over the next 25 years, although it seems a lot of things will have to happen almost perfectly for that to be the case.

But if there is a significant dent made in the demand from coal, it'll come from natural gas, not from the expensive and unreliable sources like wind turbines and solar energy. At this time so-called renewable supply about 11 percent of electricy in America.

If the past is any indicator, the projections of coal replacement are far too optimistic, and it is certain it will be a major part of electrical generation for decades.

Coal suppliers should continue to do well for years, as demand continues, but it will probably be at a slower rate than in the past, and the amount of supply of metallurgical coal by a company will determine a lot of the success of each individual firm.

Arch Coal (ACI) (LLEN) (BTU) (WLB) (JOYG) Powered by Increasing Coal Demand

Surging demand from China and India for thermal or steam coal, and to a lesser degree, coking or metallurgical coal, is pushing the price of coal up, as well as the share price of those coal companies and companies with coal exposure such as L&L Energy (NASDAQ:LLEN), Peabody Energy Corporation (NYSE:BTU), Arch Coal, Inc. (NYSE:ACI), Westmoreland Coal Company (AMEX:WLB) and Joy Global (Nasdaq:JOYG) who provide the needed energy source.

IN 2011 India should import about 60 million tons of thermal coal, a 17 percent increase over 2010's 47 million tons. China is expected to import about 70 million tons of thermal coal in 2012.

Thermal coal is used to generate electricity while coking coal is used to run steel plants. Overall, thermal coal demand is projected to surpass 7 billion tons in 2011, according to U.S. coal producer Peabody Energy Corp. (NYSE:BTU).

Thermal coal will probably grow faster than oil and gas in 2011, soaring over 30 percent to a record as demand from China and India climb and Japan increases its imports to make up for nuclear power lost after the recent earthquake.

Daniel Brebner, an analyst for Deutsche Bank (NYSE:DB) in London, said in the early part of April that thermal coal will average $132 a ton this year and $145 in 2012. Those prices are similar to what other analysts have also projected for thermal coal prices in that time period.

Head of Rio Tinto Group’s Coal & Allied Industries Ltd. unit, Chris Renwick, said, “We expect strong demand growth in China and India will continue throughout 2011 and the long-term prospects are also bright. Our traditional Asian markets have returned to pre-global financial crisis demand levels.”

Peabody closed Friday at $66.82, climbing $2.26, or 3.50 percent.

Dividend Yields for (PCAR) (CMI) (FAST) (FLR) (JOYG)

Indicated dividend yields for Standard & Poor's 500 Index companies PACCAR Inc (PCAR), Cummins Inc (CMI), Fastenal Co (FAST), Fluor Corp (FLR) and Joy Global Inc (JOYG).

These dividend data indicate dividend yields of companies in the Standard & Poor's 500 Index as of Saturday, April 30. The yield is determined by taking the latest declared dividend, annualized and divided by the price of the stock. Payout ratios are calculated based on latest quarterly dividend paid divided by earnings.

PACCAR Inc (PCAR) has a dividend yield of 0.90 percent on a declared dividend of $0.12. The payout ratio is 22.7 percent.

Cummins Inc (CMI) has a dividend yield of 0.87 percent on a declared dividend of $0.26. The payout ratio is 14.9 percent.

Fastenal Co (FAST) has a dividend yield of 0.78 percent on a declared dividend of $0.26. The payout ratio is 92.7 percent.

Fluor Corp (FLR) has a dividend yield of 0.71 percent on a declared dividend of $0.12. The payout ratio is 19.0 percent.

Joy Global Inc (JOYG) has a dividend yield of 0.69 percent on a declared dividend of $0.17. The payout ratio is 17.8 percent.

Massey (MEE) (ACI) (WLB) (JOYG) Close Mixed as Thermal Coal Demand Soars

Massey Energy (NYSE:MEE), Arch Coal, Inc. (NYSE:ACI), Westmoreland Coal Company (AMEX:WLB) and Joy Global (Nasdaq:JOYG close mixed as surging demand from China and India for thermal or steam coal, and to a lesser extent, coking or metallurgical coal, is pushing the price of coal up, as well as the share price of those coal companies and companies with coal exposure like ... who provide the needed energy source.

IN 2011 India should import about 60 million tons of thermal coal, a 17 percent increase over 2010's 47 million tons. China is expected to import about 70 million tons of thermal coal in 2012.

Thermal coal is used to generate electricity while coking coal is used to run steel plants.

Overall, thermal coal demand is projected to surpass 7 billion tons in 2011, according to U.S. coal producer Peabody Energy Corp. (NYSE:BTU).

Thermal coal will probably grow faster than oil and gas in 2011, soaring over 30 percent to a record, as demand from China and India climbs and Japan increases its imports to make up for nuclear power lost after the recent earthquake.

Daniel Brebner, an analyst for Deutsche Bank (NYSE:DB) in London, said in the early part of April that thermal coal will average $132 a ton this year and $145 in 2012. Those prices are similar to what other analysts have also projected for thermal coal prices in that time period.

Head of Rio Tinto Group’s Coal & Allied Industries Ltd. unit, Chris Renwick, said, “We expect strong demand growth in China and India will continue throughout 2011 and the long-term prospects are also bright. Our traditional Asian markets have returned to pre-global financial crisis demand levels.”

Joy Global (JOYG) (NRP) (AHGP) (PCX) Close Up as Thermal Coal Demand Explodes

Growing demand from China and India for thermal or steam coal, and to a lesser degree, coking or metallurgical coal, is driving the price of coal up, as well as the share price those coal companies and companies with coal exposure like Patriot Coal (NYSE:PCX), Natural Resource Partners (NYSE:NRP), Alliance Holdings GP (NASDAQ:AHGP) and Joy Global (Nasdaq:JOYG), all of which provide the needed energy source.

IN 2011 India is expected to import about 60 million tons of thermal coal, a 17 percent increase over 2010's 47 million tons. China is estimated to be looking at importing about 70 million tons of thermal coal in 2012.

Thermal coal is used to generate electricity while coking coal to run steel plants.

Overall, thermal coal demand is estimated to surpass 7 billion tons in 2011, according to U.S. coal producer Peabody Energy Corp. (NYSE:BTU).

Thermal coal will probably grow faster than oil and gas in 2011, increasing over 30 percent to a record, as demand from China and India soars and Japan adds to its imports to make up for nuclear power lost after the recent earthquake.

Daniel Brebner, an analyst for Deutsche Bank (NYSE:DB) in London, said in the early part of April, that thermal coal will average $132 a ton this year and $145 in 2012. Those prices are close to what other analysts have also projected for thermal coal prices going forward.

Head of Rio Tinto Group’s (NYSE:RIO) Coal & Allied Industries Ltd. (CNA) unit, Chris Renwick, said, “We expect strong demand growth in China and India will continue throughout 2011 and the long-term prospects are also bright. Our traditional Asian markets have returned to pre-global financial crisis demand levels.”

Alliance Holdings GP closed Thursday at $50.60, gaining $0.94, or 1.89 percent. Natural Resource Partners ended the day at $34.12, up $0.93, or 2.80 percent. Joy Global closed at $98.46, jumping $1.62, or 1.67 percent. Patriot Coal Corporation closed the session at $26.09, rising $1.56, or 6.36 percent.

Joy Global (JOYG) (PVR) (ARLP) (WLB) Close Up as Coal Prices Mixed

Coal companies have been performing somewhat volatile of late, depending on specific results for each company, even though the overall sector has been doing well recently. Firms like Joy Global (Nasdaq:JOYG), Penn Virginia Resource Partners (NYSE:PVR), Alliance Resource Partners, (NASDAQ:ARLP) and Westmoreland Coal Company (AMEX:WLB) closed up on Friday.

Metallurgical coal prices were mixed last week on the U.S. spot market, with spot prices for low-volatility coking coal dropping $3.12, or 0.9 percent, to $326.88 a ton in the week ended Friday, according to Energy Publishing Inc.. High-volatility coal remained the same at $298.33.

Like any sector, coal companies, even within a high-demand industry, still won't be carried solely by the robust market demand.

Even so, approximately 40 percent of global electricity production comes from coal, and should rise in the years ahead, as coal consumption is expected to increase at a rate of 2.5 percent annually over the next 20 years, according to Research and Markets.

It could even be more than that, as evidenced by the 5 percent increase in 2010, according to the EIA. It adds that 2011 coal consumption should remain about level, and in 2012 should jump by between 2 to 3 percent.

JPMorgan (NYSE:JPM) also recently said coal prices are up over the last year, but are still below the highs attained before the financial crisis in the latter part of 2008, suggesting room to move higher, although the health of the global economy will play a role there.

Coal is still the major fuel for electricity production. Global coal consumption, approximately 6.7 billion tons in 2006, is set to reach close 10 billion tons in 2011.

China produces about 70 percent of its electricity from coal and demand there continues to grow. Demand for coal to fuel power plants will climb to 1.4 billion tons by 2015, according to China Huaneng Group Corp.’s Chief Economist Wu Dawei.

So when you hear the next report attempt to downplay the role of coal, don't believe it. It's as needed and in demand as ever, and similar to the oil peak predictions, is pretty much a joke, as coal has been attempted to be painted in the same way, not taking into account the huge amounts of coal being discovered in China, and other places, and extraction methods that have been improved.

Many coal companies will shine, but they still need to be judged by their individual merits and not expect the ongoing coal demand imply all of them will be winners pulled up by the broader sector.

Penn Virginia Resource Partners closed Friday at $27.09, gaining $0.19, or 0.71 percent. Joy Global closed at $96.86, rising $0.89, or 0.93 percent. Alliance Resource Partners ended the session at $75.23, jumping $0.37, or 0.49 percent. Westmoreland Coal Company closed at $16.00, up $0.31, or 1.97 percent.

Caterpillar (CAT), Joy Global (JOYG) Should be Huge Beneficiaries of

When Vale (NYSE:VALE) recently said the global mining industry could spend as high as $120 billion to expand capacity in 2011, it raised a few eyebrows, but company off one of the best mining years in history (the best if you ask Vale), most are taking their projections seriously. If accurate, it should be a huge boost to equipment makers
like Caterpillar (CAT) and Joy Global (JOYG) in the U.S.

Whether it will ultimately benefit the major miners like BHP Billiton (NYSE:BHP), Vale or Rio Tinto (NYSE:RIO) remains to be seen, as that will for the most part depend upon the amount of money China decides to spend.

Although there is no indication China has lost its will to spend, there is the very real threat of inflation there, which could cause some difficulties, although the timing of when that could happen is anyone's guess, and so the assumption is 2011 will be another big spending year for the middle kingdom.

Consequently, Caterpillar (CAT) and Joy Global (JOYG) should experience an extraordinary year, being the major providers of mining equipment in America.

They won't be affected by China as much as the miners may, as they're convinced China's buying, and with that in mind, they're definitely going to be buying equipment to meet that perceived demand.

Joy Global (NASDAQ:JOYG) Backlog, Earnings Growth Solid for Years

Assuming growth continues in the mining sector, Joy Global (NASDAQ:JOYG) has several strong years ahead of them, based on backlog and resultant earnings.

Barclays (NYSE:BCS) said, "After meeting with JOYG management, we continue to believe that JOYG's mining equipment business could enjoy several more years of backlog/earnings growth as visibility regarding both aftermarket and original equipment demand seems significantly higher than usual (but assuming no new recession in the near to medium term). Moreover, given a solid demand backdrop and an internal efficiency drive, we continue to see a high probability for JOYG to meet or beat our margin forecasts despite what we expect to be slowly increasing competition from Caterpillar (NYSE:CAT)/Bucyrus (Nasdaq:BUCY)."

Barclays reiterates an "Overweight" on Joy Global, which closed Wednesday at $86.75, down $0.84, or 0.96 percent. Barclays raised their price target on them from $96 to $102.

Caterpillar closed at $94.57, down $0.06, or 0.06 percent. Bucyrus closed at $89.40, down $0.05, or 0.06 percent.

Joy Global (NASDAQ:JOYG) Driven by Commodity Demand

As commodity demand goes, so will go mining equipment manufacturer Joy Global (NASDAQ:JOYG), and it appears there will be nothing in the short term which will cause commodity demand to fall.

Jefferies (NYSE:JEF) noted, "Management highlighted increased investment by mining companies globally and a shift from brownfield expansions to greenfield opportunities (30-35% increase in cap ex in 2010 and 15-20% higher in 2011)."

They also raised their EPS/revenue estimates for full year 2011 and full year 2012 to $5.15/$3,950M and $5.70/$4,245M from $4.85/$3,800M and $5.60/$4,195M.

With limited supply as measured against increasing commodity demand, Jefferies also sees prices rising, along with margins, which should allow more acquisitions from miners, which will strongly benefit Joy Global.

Jefferies maintains their "Hold" rating on Joy, which was trading at $85.38, down $0.40, or 0.47 percent, as of 11:36 AM EST. They raised their price target on them from $74 to $95.

Joy Global (NASDAQ:JOYG) Could Soar if Mining Capex Goes to Equipment

There is no doubt capex in the mining sector is going to go up significantly over the next year, for Joy Global (NASDAQ:JOYG), and other equipment makers, the question is how much will be allocated toward equipment, as a large portion is expected to be spend on infrastructure.

Barclays (NYSE:BCS) said, "We think the continued upward revisions in expected mining capex from major producers underscore our thesis of a long-duration mining up-cycle, which should benefit equipment makers such as JOYG. Vale recently almost doubled its 2011 capex to $24bn from $13bn, while Xstrata provided current visibility of - $23bn in spending out to 2016. Altogether, we are expecting almost a - 50% yoy growth in capex in 2011 (vs. 2010) from the major mining producers, compared to JOYG management's expectation of - 10%-15% for 2011 suggested early in 2010. While there could be a near-term lull in orders as producers initially focus their spending on infrastructure, we think the need for large mining equipment should eventually catch up to overall development and we could see acceleration in original equipment orders by mid-2011."

Barclays maintains an "Overweight" on Joy Global, which closed Friday at $79.08, up $0.72, or 0.92 percent. They have a price target on Joy Global of $82.

Joy Global (NASDAQ:JOYG) Gets Good/Bad from Bucyrus (Nasdaq:BUCY), Caterpillar (NYSE:CAT) Deal

As the market digests the implications of the acquisition of Bucyrus (Nasdaq:BUCY) by Caterpillar (NYSE:CAT), Joy Global (NASDAQ:JOYG) is receiving reviews of mixed blessings from the deal.

Barclays (NYSE:BCS) agrees, saying, "We think the implication of the Caterpillar (NYSE:CAT)-Bucyrus (Nasdaq:BUCY) deal announced on 11/15 is a double-edged sword for JOYG, the only other major international
competitor for BUCY on large surface/ underground mining equipment. On one hand, we think it affirms our view of a continued long-duration mining up-cycle. On the other hand, the combined CAT and BUCY could be a more difficult competitor for JOYG over the longer term, especially if the idea of "bundling" a wide array of mining products/services proves to be a significant competitive edge...Based on our increasing conviction in continued strength in mining capex for the next few years, we raise our target multiple to 17x from 16x and FY2011 EPS estimate to $4.85 from $4.65."

In the short term this should be no problem for Joy Global, and they could perform strongly on the basis of the strength in the mining sector. Over the long term, competitive challenges are sure to emerge, generating speculation if Joy may eventually be a buyout target for a large company. BHP (NYSE:BHP) anyone?

Joy closed at $75.58, gaining $0.52, or 0.69 percent. Barclays has a price target of $82 on them, increasing it from $74.

What Now for Joy Global (Nasdaq:JOYG), Komatsu (OTC:KMTUY.PK), After Caterpillar (NYSE:CAT) Acquisition of Bucyrus (Nasdaq:BUCY)?

There is no doubt the announced acquisition of mining equipment-maker Bucyrus (Nasdaq:BUCY) by Caterpillar (NYSE:CAT) has dramatically changed the sector, and major competitors like Joy Global (Nasdaq:JOYG) and Komatsu (OTC:KMTUY.PK) have a challenge on their hands against a company that now will be able to compete in almost every aspect of mining machinery at a time the market is expected to generate increasing demand for years.

The obvious question is whether the rest of the industry will make moves to consolidate in light of the merger between Caterpillar and Bucyrus in order to generate larger scale and diversity of product lines.

Joy Global will compete against Caterpillar in the lines carried by Bucyrus, belt systems, surface drills and draglines, while Komatsu will compete against the existing line of Caterpillar, including trucks dozers, wheel loaders and excavators.

Those two companies will probably be watched closely for hints they, or others, may be ready to grow through merger and acquisition.

As for the underlying importance of the move by Caterpillar, it shows they are convinced the mining sector has a long and prosperous rode ahead of it, and now they are positioned strongly to be a major player in providing the tools needed for the industry to be successful.

Morgan Stanley (NYSE:MS) Says Sell Joy Global (Nasdaq:JOYG)

A day after Morgan Stanley (NYSE:MS) suggested to shareholders they should sell shares in Joy Global (Nasdaq:JOYG), they've quickly rebounded, and are up over 1 percent in trading on the day so far.

Joy Global competes with Bucyrus (Nasdaq:BUCY), which Caterpillar (NYSE:CAT) is acquiring, generating the concerns over Joy's ability to compete.

Morgan Stanley cut their rating on Joy from "Equalweight" to "Underweight," although others have had a more positive response, like RBC Capital, which raised their price target on them.

Morgan Stanley analyst Robert Wertheimer, “BUCY had already been selling bundled product against JOYG,” wrote Wertheimer, and “with Cat’s added product and service expertise, the intensity will be higher. We see increased difficulty in meeting consensus estimates.”

Joy was trading at $75.25, gaining $0.73, or 0.98 percent at 2:56 PM EST.