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

Vale (NYSE:VALE) had its target price lowered by equities researchers at Scotiabank from $19.00 to $16.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s target price suggests a potential upside of 12.32% from the company’s previous close.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Vale from $19.50 to $21.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Bank of America raised shares of Vale from a “neutral” rating to a “buy” rating and boosted their target price for the company from $18.00 to $19.00 in a report on Thursday, April 2nd. UBS Group raised their price target on Vale from $12.00 to $16.00 and gave the stock a “neutral” rating in a report on Friday, March 27th. Morgan Stanley reiterated an “equal weight” rating and issued a $16.50 price target (down from $19.50) on shares of Vale in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company decreased their price objective on Vale from $16.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.31.

Vale Trading Up 1.0%

Shares of Vale stock opened at $14.24 on Monday. The stock has a market capitalization of $64.66 billion, a P/E ratio of 21.26 and a beta of 0.46. Vale has a 52-week low of $9.36 and a 52-week high of $17.94. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.79 and a current ratio of 1.24. The stock’s 50-day simple moving average is $15.44 and its 200 day simple moving average is $15.78.

Vale (NYSE:VALE) last posted its earnings results on Tuesday, April 28th. The basic materials company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.08). Vale had a return on equity of 21.10% and a net margin of 7.21%.The business had revenue of $9.26 billion during the quarter, compared to analysts’ expectations of $9.53 billion. As a group, research analysts anticipate that Vale will post 1.98 EPS for the current year.

Institutional Trading of Vale

Several institutional investors and hedge funds have recently bought and sold shares of the company. N.E.W. Advisory Services LLC bought a new position in Vale in the 4th quarter valued at $26,000. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna increased its holdings in shares of Vale by 128.3% in the fourth quarter. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna now owns 2,055 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 1,155 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in shares of Vale in the fourth quarter worth $33,000. Triumph Capital Management purchased a new stake in shares of Vale in the third quarter worth $34,000. Finally, Cornerstone Planning Group LLC boosted its stake in Vale by 15,360.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 3,092 shares of the basic materials company’s stock valued at $40,000 after buying an additional 3,072 shares during the period. 21.85% of the stock is currently owned by hedge funds and other institutional investors.

About Vale

Vale SA is a Brazilian multinational mining company and one of the world’s largest producers of iron ore and iron ore pellets. In addition to iron ore, the company produces and sells a range of bulk commodities and metals, including nickel, copper, coal, manganese, ferroalloys and cobalt, and it participates in the fertilizer inputs market. Vale also operates extensive logistics assets — including rail, port and maritime logistics — that support its mining and export activities and provide services to third parties in some regions.

Headquartered in Brazil, Vale maintains a global operational footprint with mining, processing and shipping activities across the Americas, Africa, Asia and Oceania.