Scotiabank Issues Pessimistic Forecast for Vale (NYSE:VALE) Stock Price

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

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

Vale Stock Performance

Shares of Vale stock opened at $9.96 on Wednesday. The company has a market capitalization of $44.65 billion, a PE ratio of 4.61, a PEG ratio of 0.27 and a beta of 0.94. Vale has a 12 month low of $9.66 and a 12 month high of $16.08. 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’s fifty day simple moving average is $10.77 and its 200 day simple moving average is $11.06.

Vale (NYSE:VALE) last issued 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 return on equity of 21.07% and a net margin of 22.59%. The business had revenue of $9.55 billion for the quarter, compared to the consensus estimate of $9.61 billion. During the same quarter last year, the business posted $0.66 EPS. On average, research analysts predict that Vale will post 2.12 EPS for the current year.

Institutional Investors Weigh In On Vale

Several institutional investors and hedge funds have recently added to or reduced their stakes in VALE. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Vale by 3,692.5% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 18,200,000 shares of the basic materials company’s stock worth $212,576,000 after buying an additional 17,720,100 shares during the period. SPX Gestao de Recursos Ltda boosted its holdings 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 worth $245,404,000 after buying an additional 8,288,112 shares during the period. Holocene Advisors LP bought a new position in Vale in the 3rd quarter worth approximately $80,300,000. Itau Unibanco Holding S.A. boosted its holdings in Vale by 123.4% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 12,059,814 shares of the basic materials company’s stock worth $140,859,000 after buying an additional 6,660,933 shares during the period. Finally, Marshall Wace LLP boosted its holdings in Vale by 395.3% in the 2nd quarter. Marshall Wace LLP now owns 7,152,069 shares of the basic materials company’s stock worth $79,889,000 after buying an additional 5,707,969 shares during the period. Hedge funds and other 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.