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

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

A number of other equities research analysts have also weighed in on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Vale in a report on Wednesday, July 8th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Vale in a research report on Monday, June 15th. Wells Fargo & Company dropped their price target on Vale from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 9th. Bank of America raised Vale from a “neutral” rating to a “buy” rating and increased their price objective for the company from $18.00 to $19.00 in a report on Thursday, April 2nd. Finally, Wall Street Zen cut Vale from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.31.

Vale Stock Up 4.2%

VALE stock opened at $14.86 on Monday. The stock has a market capitalization of $67.43 billion, a PE ratio of 22.17 and a beta of 0.46. Vale has a 52 week low of $9.36 and a 52 week high of $17.94. 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 firm has a 50 day moving average of $15.40 and a 200 day moving average of $15.79.

Vale (NYSE:VALE) last issued its quarterly earnings results on Tuesday, April 28th. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.08). The company had revenue of $9.26 billion for the quarter, compared to analyst estimates of $9.53 billion. Vale had a net margin of 7.21% and a return on equity of 21.10%. Sell-side analysts forecast that Vale will post 1.98 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership grew its position in Vale by 2,239.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 41,596,000 shares of the basic materials company’s stock worth $541,996,000 after purchasing an additional 39,818,066 shares during the period. Capital World Investors raised its stake in shares of Vale by 58.2% during the 4th quarter. Capital World Investors now owns 89,322,261 shares of the basic materials company’s stock valued at $1,163,896,000 after buying an additional 32,864,929 shares during the last quarter. GQG Partners LLC lifted its holdings in shares of Vale by 42.4% in the 4th quarter. GQG Partners LLC now owns 65,132,572 shares of the basic materials company’s stock valued at $848,677,000 after buying an additional 19,397,396 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Vale by 15,202.2% in the 1st quarter. Assenagon Asset Management S.A. now owns 15,663,641 shares of the basic materials company’s stock valued at $249,209,000 after buying an additional 15,561,279 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of Vale by 119.9% in the first quarter. Bank of America Corp DE now owns 21,837,416 shares of the basic materials company’s stock worth $347,433,000 after buying an additional 11,905,247 shares during the last quarter. 21.85% of the stock is currently owned by institutional investors and hedge funds.

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.