Vale (NYSE:VALE) Stock Rating Upgraded by Bank of America

Vale (NYSE:VALE) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Thursday,Benzinga reports. The brokerage presently has a $11.50 target price on the basic materials company’s stock, up from their prior target price of $11.00. Bank of America‘s price target would suggest a potential upside of 29.87% from the company’s current price.

Other equities research analysts also recently issued reports about the company. Wolfe Research upgraded Vale from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 8th. StockNews.com initiated coverage on shares of Vale in a report on Wednesday, April 2nd. They issued a “hold” rating for the company. Jefferies Financial Group cut their target price on Vale from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Scotiabank decreased their target price on Vale from $14.00 to $13.00 and set a “sector perform” rating on the stock in a research report on Monday, January 6th. Finally, Morgan Stanley cut shares of Vale from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $14.50 to $11.30 in a research report on Thursday, December 12th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $12.65.

Vale Trading Up 7.2 %

Shares of VALE opened at $8.86 on Thursday. Vale has a 1-year low of $8.06 and a 1-year high of $13.14. The firm’s 50-day moving average price is $9.64 and its 200-day moving average price is $9.81. 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 firm has a market capitalization of $40.19 billion, a price-to-earnings ratio of 6.15, a PEG ratio of 0.31 and a beta of 0.73.

Vale (NYSE:VALE) last issued its quarterly earnings results on Wednesday, February 19th. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.36). Vale had a net margin of 16.15% and a return on equity of 17.38%. The business had revenue of $10.12 billion for the quarter, compared to analysts’ expectations of $10.03 billion. Sell-side analysts anticipate that Vale will post 1.85 EPS for the current year.

Hedge Funds Weigh In On Vale

Several large investors have recently made changes to their positions in the stock. Brooklyn Investment Group boosted its position in shares of Vale by 215.9% during the fourth quarter. Brooklyn Investment Group now owns 2,780 shares of the basic materials company’s stock worth $25,000 after buying an additional 1,900 shares during the period. IFP Advisors Inc grew its holdings in shares of Vale by 206.4% in the fourth quarter. IFP Advisors Inc now owns 2,877 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 1,938 shares in the last quarter. Cornerstone Planning Group LLC increased its position in shares of Vale by 3,092.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 3,192 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 3,092 shares during the period. Stonebridge Financial Group LLC purchased a new stake in Vale during the 4th quarter worth about $30,000. Finally, Atlas Capital Advisors Inc. lifted its stake in Vale by 68.3% in the fourth quarter. Atlas Capital Advisors Inc. now owns 4,000 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 1,623 shares during the last quarter. 21.85% of the stock is currently owned by institutional investors and hedge funds.

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.