Vale (NYSE:VALE – Free Report) had its price target raised by JPMorgan Chase & Co. from $21.00 to $22.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the basic materials company’s stock.
VALE has been the topic of a number of other reports. Wall Street Zen lowered shares of Vale from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Sanford C. Bernstein boosted their price objective on Vale from $12.00 to $12.50 and gave the stock a “market perform” rating in a research note on Wednesday, September 9th. Barclays increased their price target on shares of Vale from $16.75 to $17.00 and gave the company an “equal weight” rating in a research note on Monday, August 3rd. Royal Bank Of Canada increased their price target on Vale from $15.00 to $16.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Vale in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $16.04.
View Our Latest Stock Report on VALE
Vale Stock Performance
Vale (NYSE:VALE – Get Free Report) 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 company had revenue of $10.24 billion during the quarter, compared to analyst estimates of $10.47 billion. Vale had a net margin of 5.11% and a return on equity of 19.87%. As a group, research analysts forecast that Vale will post 1.86 earnings per share for the current fiscal year.
Vale Dividend Announcement
The company also recently announced a special dividend, which was paid on Thursday, September 10th. Investors of record on Thursday, August 13th were paid a dividend of $0.3088 per share. The ex-dividend date of this dividend was Thursday, August 13th. Vale’s dividend payout ratio is presently 89.80%.
Hedge Funds Weigh In On Vale
Hedge funds and other institutional investors have recently bought and sold shares of the company. Capital World Investors increased its stake in Vale by 58.2% during the fourth quarter. Capital World Investors now owns 89,322,261 shares of the basic materials company’s stock worth $1,163,896,000 after purchasing an additional 32,864,929 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Vale by 15.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 47,947,703 shares of the basic materials company’s stock valued at $762,848,000 after purchasing an additional 6,351,703 shares in the last quarter. Lazard Asset Management LLC grew its holdings in shares of Vale by 5.4% in the first quarter. Lazard Asset Management LLC now owns 23,685,915 shares of the basic materials company’s stock valued at $376,843,000 after purchasing an additional 1,205,280 shares in the last quarter. Bank of America Corp DE increased its stake in Vale by 119.9% during the 1st quarter. Bank of America Corp DE now owns 21,837,416 shares of the basic materials company’s stock worth $347,433,000 after buying an additional 11,905,247 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in Vale by 15,202.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 15,663,641 shares of the basic materials company’s stock worth $249,209,000 after buying an additional 15,561,279 shares in the last quarter. 21.85% of the stock is currently owned by hedge funds and other institutional investors.
About Vale
Vale SA is a Brazil-based global mining company and one of the world’s major producers of iron ore and iron ore pellets, which are used primarily in steelmaking. The company also produces nickel, copper, manganese, coal and other mineral products, serving customers in the steel, energy and technology industries.
Founded in 1942 as Companhia Vale do Rio Doce, the company was privatized in 1997 and adopted the Vale name in 2007. Its operations are concentrated in Brazil, particularly in the states of Pará and Minas Gerais, while its base-metals business has mining and processing activities in countries including Canada and Indonesia.
Vale also operates an integrated logistics system that includes railways, ports and maritime transportation infrastructure used to move its products from mining regions to domestic and international markets.
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