PNC Financial Services Group Inc. Decreases Stock Position in Vale S.A. (NYSE:VALE)

PNC Financial Services Group Inc. lowered its position in shares of Vale S.A. (NYSE:VALE) by 35.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,656 shares of the basic materials company’s stock after selling 13,649 shares during the period. PNC Financial Services Group Inc.’s holdings in Vale were worth $391,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Envestnet Portfolio Solutions Inc. purchased a new stake in Vale during the 3rd quarter worth $269,000. Stifel Financial Corp increased its position in shares of Vale by 2.5% during the third quarter. Stifel Financial Corp now owns 280,785 shares of the basic materials company’s stock worth $3,763,000 after acquiring an additional 6,716 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in shares of Vale by 224.5% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 5,335 shares of the basic materials company’s stock worth $71,000 after acquiring an additional 3,691 shares in the last quarter. Natixis Advisors L.P. boosted its holdings in Vale by 1.9% in the third quarter. Natixis Advisors L.P. now owns 614,898 shares of the basic materials company’s stock valued at $8,240,000 after purchasing an additional 11,649 shares during the last quarter. Finally, Bank of Nova Scotia acquired a new stake in Vale during the 3rd quarter valued at approximately $887,000. 21.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on VALE. JPMorgan Chase & Co. reduced their target price on Vale from $20.50 to $20.00 and set an “overweight” rating for the company in a research note on Friday, April 12th. Bank of America reissued a “neutral” rating and set a $13.00 price objective (down from $20.00) on shares of Vale in a report on Tuesday, April 9th. UBS Group upgraded shares of Vale from a “neutral” rating to a “buy” rating and upped their target price for the company from $13.00 to $15.00 in a research note on Tuesday, May 7th. BNP Paribas upgraded Vale from an “underperform” rating to a “neutral” rating in a research note on Friday, June 21st. Finally, Morgan Stanley cut their price objective on Vale from $18.00 to $15.50 and set an “overweight” rating on the stock in a research note on Friday, June 21st. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.91.

Vale Price Performance

Shares of NYSE VALE opened at $11.17 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.12 and a quick ratio of 0.79. The firm has a market capitalization of $50.08 billion, a PE ratio of 6.17, a P/E/G ratio of 4.93 and a beta of 0.98. Vale S.A. has a 1-year low of $10.99 and a 1-year high of $16.08. The business’s fifty day moving average price is $12.01 and its two-hundred day moving average price is $13.04.

Vale (NYSE:VALE) last released its quarterly earnings data on Wednesday, April 24th. The basic materials company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03). Vale had a return on equity of 19.59% and a net margin of 18.72%. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.35 billion. On average, research analysts expect that Vale S.A. will post 2.17 EPS for the current year.

About Vale

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.