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

Vale (NYSE:VALE) had its target price lowered by equities researchers at Scotiabank from $16.00 to $14.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s price target suggests a potential upside of 39.30% from the company’s current price.

Several other equities research analysts also recently commented on the company. UBS Group downgraded Vale from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $14.00 to $11.50 in a report on Monday, November 11th. StockNews.com assumed coverage on Vale in a research report on Friday, October 18th. They set a “buy” rating for the company. JPMorgan Chase & Co. reduced their price target on Vale from $16.50 to $15.00 and set an “overweight” rating for the company in a research report on Monday, September 23rd. Wolfe Research cut Vale from a “peer perform” rating to an “underperform” rating in a research report on Wednesday, October 9th. 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 research analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Vale currently has a consensus rating of “Hold” and an average price target of $15.61.

Vale Stock Performance

Shares of VALE opened at $10.05 on Wednesday. The company has a market cap of $45.05 billion, a PE ratio of 4.65, a price-to-earnings-growth ratio of 0.26 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. The stock has a 50-day moving average price of $10.78 and a 200-day moving average price of $11.07. Vale has a 12-month low of $9.66 and a 12-month high of $16.08.

Vale (NYSE:VALE) last announced its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.15. The business had revenue of $9.55 billion for the quarter, compared to analysts’ expectations of $9.61 billion. Vale had a return on equity of 21.07% and a net margin of 22.59%. During the same period in the previous year, the firm earned $0.66 EPS. As a group, equities analysts forecast that Vale will post 2.12 earnings per share for the current fiscal year.

Institutional Trading of Vale

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ballentine Partners LLC lifted its position in Vale by 7.8% during the 3rd quarter. Ballentine Partners LLC now owns 13,627 shares of the basic materials company’s stock worth $159,000 after acquiring an additional 987 shares during the period. Legacy Capital Group California Inc. raised its holdings in shares of Vale by 6.9% during the second quarter. Legacy Capital Group California Inc. now owns 17,932 shares of the basic materials company’s stock valued at $200,000 after acquiring an additional 1,154 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Vale by 1.9% in the second 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 in the last quarter. IFG Advisory LLC grew its position in shares of Vale by 6.1% in the second quarter. IFG Advisory LLC now owns 22,702 shares of the basic materials company’s stock valued at $254,000 after purchasing an additional 1,296 shares in the last quarter. Finally, Pinnacle Associates Ltd. grew 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 valued at $336,000 after purchasing an additional 1,375 shares in the last quarter. 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.