Vale (NYSE:VALE) Given New $14.00 Price Target at Scotiabank

Vale (NYSE:VALE) had its price objective dropped by research analysts at Scotiabank from $16.00 to $14.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s target price would indicate a potential upside of 40.56% from the company’s current price.

VALE has been the topic of several other research reports. Morgan Stanley dropped their price objective on shares of Vale from $16.00 to $15.50 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. UBS Group downgraded Vale from a “buy” rating to a “neutral” rating and cut their target price for the company from $14.00 to $11.50 in a research note on Monday, November 11th. Wolfe Research cut Vale from a “peer perform” rating to an “underperform” rating in a research note on Wednesday, October 9th. StockNews.com assumed coverage on Vale in a research report on Friday, October 18th. They set a “buy” rating on the stock. Finally, JPMorgan Chase & Co. decreased their target price on Vale from $16.50 to $15.00 and set an “overweight” rating for the company in a research report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.13.

Vale Trading Down 0.7 %

Shares of VALE opened at $9.96 on Wednesday. The firm’s 50-day moving average price is $10.77 and its 200-day moving average price is $11.06. The firm has a market capitalization of $44.65 billion, a price-to-earnings ratio of 4.61, a PEG ratio of 0.27 and a beta of 0.94. The company has a current ratio of 0.91, a quick ratio of 0.58 and a debt-to-equity ratio of 0.39. Vale has a 1-year low of $9.66 and a 1-year high of $16.08.

Vale (NYSE:VALE) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.56 EPS for the quarter, topping the consensus estimate of $0.41 by $0.15. Vale had a net margin of 22.59% and a return on equity of 21.07%. The business had revenue of $9.55 billion for the quarter, compared to analyst estimates of $9.61 billion. During the same quarter in the previous year, the firm posted $0.66 earnings per share. Sell-side analysts anticipate that Vale will post 2.12 EPS for the current year.

Hedge Funds Weigh In On Vale

Several institutional investors have recently made changes to their positions in the business. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Vale by 0.7% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 2,007,410 shares of the basic materials company’s stock worth $23,446,000 after purchasing an additional 14,100 shares during the period. Impala Asset Management LLC lifted its stake in shares of Vale by 6.7% in the 3rd quarter. Impala Asset Management LLC now owns 160,000 shares of the basic materials company’s stock worth $1,869,000 after purchasing an additional 10,000 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Vale in the 3rd quarter worth approximately $10,148,000. Y Intercept Hong Kong Ltd bought a new position in shares of Vale in the 3rd quarter worth approximately $13,233,000. Finally, MML Investors Services LLC lifted its stake in shares of Vale by 31.6% in the 3rd quarter. MML Investors Services LLC now owns 353,778 shares of the basic materials company’s stock worth $4,132,000 after purchasing an additional 85,044 shares during the period. Institutional investors own 21.85% of the company’s stock.

Vale Company Profile

Vale SA, together with its subsidiaries, produces and sells iron ore and iron ore pellets for use as raw materials in steelmaking in Brazil and internationally. The company operates through Iron Solutions and Energy Transition Materials segments. The Iron Solutions segment produces and extracts iron ore and pellets, manganese, and other ferrous products; and provides related logistic services.