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

Vale (NYSE:VALE) had its price objective lowered by equities researchers at Scotiabank from $17.00 to $16.00 in a research report issued on Tuesday, 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 45.65% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. JPMorgan Chase & Co. lowered their target price on Vale from $16.50 to $15.00 and set an “overweight” rating for the company in a research note on Monday, September 23rd. UBS Group reduced their price target on Vale from $15.00 to $14.50 and set a “buy” rating for the company in a research report on Friday, July 5th. Wolfe Research downgraded Vale from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, October 9th. BNP Paribas raised Vale from an “underperform” rating to a “neutral” rating in a research report on Friday, June 21st. Finally, Morgan Stanley reduced their price target on Vale from $16.00 to $15.50 and set an “overweight” rating for the company in a research report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Vale has a consensus rating of “Moderate Buy” and a consensus price target of $16.15.

Vale Price Performance

NYSE VALE opened at $10.99 on Tuesday. The business has a 50 day simple moving average of $10.70 and a 200 day simple moving average of $11.36. Vale has a 52-week low of $9.66 and a 52-week high of $16.08. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.73 and a current ratio of 1.08. The stock has a market cap of $49.25 billion, a price-to-earnings ratio of 6.07, a PEG ratio of 0.30 and a beta of 0.93.

Vale (NYSE:VALE) last posted its earnings results on Thursday, July 25th. The basic materials company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Vale had a return on equity of 22.23% and a net margin of 23.07%. The business had revenue of $9.92 billion during the quarter, compared to analysts’ expectations of $9.97 billion. Analysts anticipate that Vale will post 2.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Vale

Several large investors have recently made changes to their positions in the stock. SPX Gestao de Recursos Ltda raised its stake in Vale by 60.6% in the 2nd quarter. SPX Gestao de Recursos Ltda now owns 21,969,937 shares of the basic materials company’s stock valued at $245,404,000 after acquiring an additional 8,288,112 shares during the period. Wellington Management Group LLP raised its stake in Vale by 22.0% in the 4th quarter. Wellington Management Group LLP now owns 12,315,171 shares of the basic materials company’s stock valued at $195,319,000 after acquiring an additional 2,224,756 shares during the period. Lazard Asset Management LLC raised its stake in Vale by 4.1% in the 1st quarter. Lazard Asset Management LLC now owns 12,269,261 shares of the basic materials company’s stock valued at $149,561,000 after acquiring an additional 485,702 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Vale by 27.8% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 11,853,914 shares of the basic materials company’s stock valued at $132,408,000 after acquiring an additional 2,578,900 shares during the period. Finally, Mondrian Investment Partners LTD raised its stake in Vale by 20.4% in the 2nd quarter. Mondrian Investment Partners LTD now owns 10,950,729 shares of the basic materials company’s stock valued at $118,815,000 after acquiring an additional 1,854,940 shares during the period. Institutional investors and hedge funds 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.