Vedanta (VEDL) Raised to Overweight at JPMorgan Chase & Co.

Vedanta (NYSE:VEDL) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Monday, The Fly reports.

Shares of Vedanta (NYSE:VEDL) traded up $0.44 during trading on Monday, reaching $20.71. The company had a trading volume of 363,333 shares, compared to its average volume of 536,961. Vedanta has a twelve month low of $13.78 and a twelve month high of $21.99. The company has a market cap of $15,023.60, a price-to-earnings ratio of 16.47 and a beta of 1.85. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.94 and a quick ratio of 0.75.

Vedanta (NYSE:VEDL) last released its quarterly earnings results on Friday, November 3rd. The basic materials company reported $0.35 earnings per share (EPS) for the quarter. Vedanta had a return on equity of 21.61% and a net margin of 7.87%.

A number of hedge funds have recently added to or reduced their stakes in VEDL. Royal Bank of Canada boosted its stake in Vedanta by 10,606.7% during the 2nd quarter. Royal Bank of Canada now owns 6,424 shares of the basic materials company’s stock valued at $100,000 after purchasing an additional 6,364 shares during the last quarter. Winslow Evans & Crocker Inc. acquired a new position in Vedanta during the 3rd quarter valued at about $110,000. Daiwa SB Investments Ltd. acquired a new position in Vedanta during the 4th quarter valued at about $152,000. Cubist Systematic Strategies LLC acquired a new position in Vedanta during the 3rd quarter valued at about $196,000. Finally, Advisors Asset Management Inc. boosted its stake in Vedanta by 560.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 11,576 shares of the basic materials company’s stock valued at $224,000 after purchasing an additional 9,822 shares during the last quarter. Institutional investors and hedge funds own 4.23% of the company’s stock.

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About Vedanta

Vedanta Limited is a natural resource company engaged in the business of manufacturing copper and copper products, and aluminum and aluminum products. The Company’s segments include Copper, which consists of manufacturing of copper cathode, continuous cast copper rod and anode slime, including from purchased concentrate and manufacturing of precious metal from anode slime, sulfuric acid, phosphoric acid; Iron ore; Aluminium, which consists of manufacturing of alumina and various aluminum products; Power, which consists of power, including power facilities engaged in generation and sale of commercial power, and Other, which consists pig iron and metallurgical coke.