Vale (NYSE:VALE) Price Target Lowered to $16.00 at Scotiabank

Vale (NYSE:VALE) had its price target trimmed by Scotiabank from $19.00 to $16.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a sector perform rating on the basic materials company’s stock.

VALE has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $18.00 price target on shares of Vale in a report on Friday, May 15th. Wall Street Zen downgraded shares of Vale from a “buy” rating to a “hold” rating in a report on Saturday. Royal Bank Of Canada restated a “sector perform” rating on shares of Vale in a research report on Monday, June 15th. Bank of America raised shares of Vale from a “neutral” rating to a “buy” rating and raised their target price for the company from $18.00 to $19.00 in a research note on Thursday, April 2nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Vale from $19.50 to $21.00 and gave the company an “overweight” rating in a report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Vale presently has an average rating of “Moderate Buy” and a consensus price target of $16.31.

Vale Price Performance

NYSE:VALE opened at $14.10 on Monday. The company has a quick ratio of 0.79, a current ratio of 1.24 and a debt-to-equity ratio of 0.48. The business’s 50-day simple moving average is $15.50 and its two-hundred day simple moving average is $15.77. The stock has a market cap of $63.98 billion, a PE ratio of 21.04 and a beta of 0.46. Vale has a 52 week low of $9.36 and a 52 week high of $17.94.

Vale (NYSE:VALE) last announced its quarterly earnings data on Tuesday, April 28th. The basic materials company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.08). Vale had a net margin of 7.21% and a return on equity of 21.10%. The business had revenue of $9.26 billion during the quarter, compared to analysts’ expectations of $9.53 billion. As a group, analysts forecast that Vale will post 1.98 EPS for the current fiscal year.

Institutional Trading of Vale

Several hedge funds have recently modified their holdings of VALE. Capital World Investors grew its holdings in shares of Vale by 58.2% in the fourth quarter. Capital World Investors now owns 89,322,261 shares of the basic materials company’s stock valued at $1,163,896,000 after purchasing an additional 32,864,929 shares in the last quarter. GQG Partners LLC raised its stake in Vale by 42.4% during the fourth quarter. GQG Partners LLC now owns 65,132,572 shares of the basic materials company’s stock valued at $848,677,000 after purchasing an additional 19,397,396 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Vale by 15.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 47,947,703 shares of the basic materials company’s stock valued at $762,848,000 after purchasing an additional 6,351,703 shares in the last quarter. Invesco Ltd. lifted its position in Vale by 16.7% during the third quarter. Invesco Ltd. now owns 28,961,848 shares of the basic materials company’s stock valued at $314,526,000 after purchasing an additional 4,151,563 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its position in Vale by 5.4% during the first quarter. Lazard Asset Management LLC now owns 23,685,915 shares of the basic materials company’s stock valued at $376,843,000 after purchasing an additional 1,205,280 shares during the last quarter. 21.85% of the stock is owned by hedge funds and other institutional investors.

Vale Company Profile

Vale SA is a Brazilian multinational mining company and one of the world’s largest producers of iron ore and iron ore pellets. In addition to iron ore, the company produces and sells a range of bulk commodities and metals, including nickel, copper, coal, manganese, ferroalloys and cobalt, and it participates in the fertilizer inputs market. Vale also operates extensive logistics assets — including rail, port and maritime logistics — that support its mining and export activities and provide services to third parties in some regions.

Headquartered in Brazil, Vale maintains a global operational footprint with mining, processing and shipping activities across the Americas, Africa, Asia and Oceania.