Royal Bank Of Canada Issues Positive Forecast for Vale (NYSE:VALE) Stock Price

Vale (NYSE:VALE) had its target price lifted by equities researchers at Royal Bank Of Canada from $15.00 to $16.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “sector perform” rating on the basic materials company’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 11.46% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Vale from $19.50 to $21.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. The Goldman Sachs Group downgraded Vale from a “buy” rating to a “neutral” rating and cut their target price for the stock from $18.00 to $16.00 in a research note on Monday, July 27th. UBS Group reiterated a “neutral” rating and set a $16.50 price target on shares of Vale in a report on Tuesday, August 11th. Zacks Research raised shares of Vale from a “strong sell” rating to a “hold” rating in a research report on Monday, September 7th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $16.50 price objective (down from $19.50) on shares of Vale in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.08.

Vale Price Performance

Shares of NYSE VALE traded down $0.12 during midday trading on Wednesday, hitting $14.36. The stock had a trading volume of 24,110,197 shares, compared to its average volume of 29,423,803. The stock has a 50 day simple moving average of $14.70 and a 200-day simple moving average of $15.53. The company has a quick ratio of 0.77, a current ratio of 1.19 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $65.16 billion, a PE ratio of 29.28 and a beta of 0.49. Vale has a 1 year low of $10.58 and a 1 year high of $17.94.

Vale (NYSE:VALE) last announced its earnings results on Thursday, July 30th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.10). The business had revenue of $10.24 billion for the quarter, compared to analyst estimates of $10.47 billion. Vale had a return on equity of 19.87% and a net margin of 5.11%. On average, sell-side analysts expect that Vale will post 1.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Vale

Hedge funds have recently modified their holdings of the business. Todd Asset Management LLC raised its stake in Vale by 51.6% in the fourth quarter. Todd Asset Management LLC now owns 6,239,516 shares of the basic materials company’s stock valued at $81,301,000 after buying an additional 2,124,412 shares in the last quarter. Leonteq Securities AG purchased a new stake in Vale during the 4th quarter worth about $6,038,000. Qtron Investments LLC boosted its position in shares of Vale by 79.6% during the 4th quarter. Qtron Investments LLC now owns 149,116 shares of the basic materials company’s stock worth $1,943,000 after acquiring an additional 66,093 shares in the last quarter. Pinebridge Investments LLC acquired a new position in shares of Vale during the 4th quarter worth about $4,642,000. Finally, Bank of Nova Scotia increased its holdings in shares of Vale by 116.2% in the 2nd quarter. Bank of Nova Scotia now owns 231,527 shares of the basic materials company’s stock valued at $3,482,000 after acquiring an additional 124,460 shares during the last quarter. 21.85% of the stock is currently owned by hedge funds and other institutional investors.

About Vale

Vale SA is a Brazilian mining and logistics company headquartered in Rio de Janeiro. Its principal business is the production of iron ore and iron ore pellets, which are supplied to steelmakers around the world. The company also produces nickel, copper, manganese, coal and other mineral products.

Vale operates mining, processing, transportation and logistics infrastructure, including railways, ports and maritime terminals. Its operations and projects span Brazil and other jurisdictions, including Canada and Indonesia, enabling the company to serve customers in international markets.

The company was established in 1942 as Companhia Vale do Rio Doce and was privatized in 1997.