Scotiabank Cuts Vale (NYSE:VALE) Price Target to $13.00

Vale (NYSE:VALE) had its target price cut by equities researchers at Scotiabank from $14.00 to $13.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s price target points to a potential upside of 51.87% from the company’s current price.

VALE has been the topic of a number of other research reports. StockNews.com initiated coverage on Vale in a research note on Friday, December 13th. They issued a “buy” rating on the stock. Morgan Stanley downgraded shares of Vale from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $14.50 to $11.30 in a report on Thursday, December 12th. Jefferies Financial Group lowered their price objective on shares of Vale from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday. UBS Group lowered shares of 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. Finally, Wolfe Research cut shares of Vale from a “peer perform” rating to an “underperform” rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $13.89.

Vale Stock Performance

Shares of VALE opened at $8.56 on Monday. The firm has a market capitalization of $38.38 billion, a PE ratio of 3.96, a P/E/G ratio of 0.27 and a beta of 0.92. The company has a quick ratio of 0.58, a current ratio of 0.91 and a debt-to-equity ratio of 0.39. The firm has a 50-day moving average price of $9.65 and a 200 day moving average price of $10.41. Vale has a 52-week low of $8.52 and a 52-week high of $15.30.

Vale (NYSE:VALE) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.15. The business had revenue of $9.55 billion during the quarter, compared to analysts’ expectations of $9.61 billion. Vale had a net margin of 22.59% and a return on equity of 21.07%. During the same period last year, the firm posted $0.66 earnings per share. On average, sell-side analysts anticipate that Vale will post 2.08 earnings per share for the current fiscal year.

Institutional Trading of Vale

A number of hedge funds have recently modified their holdings of the business. Ballentine Partners LLC raised its position in Vale by 7.8% during the third quarter. Ballentine Partners LLC now owns 13,627 shares of the basic materials company’s stock valued at $159,000 after buying an additional 987 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Vale by 1.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 62,076 shares of the basic materials company’s stock valued at $693,000 after purchasing an additional 1,187 shares during the period. Pinnacle Associates Ltd. lifted its position in shares of Vale by 5.0% in the third quarter. Pinnacle Associates Ltd. now owns 28,754 shares of the basic materials company’s stock worth $336,000 after purchasing an additional 1,375 shares in the last quarter. Keynote Financial Services LLC boosted its holdings in shares of Vale by 13.5% during the third quarter. Keynote Financial Services LLC now owns 11,737 shares of the basic materials company’s stock worth $137,000 after purchasing an additional 1,400 shares during the period. Finally, Principal Financial Group Inc. grew its position in Vale by 1.0% during the third quarter. Principal Financial Group Inc. now owns 158,561 shares of the basic materials company’s stock valued at $1,852,000 after purchasing an additional 1,494 shares in the last quarter. Hedge funds and other institutional investors own 21.85% of the company’s stock.

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.