Murchinson Ltd. acquired a new position in Vale S.A. (NYSE:VALE - Free Report) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,000,000 shares of the basic materials company's stock, valued at approximately $11,680,000. Vale accounts for approximately 3.2% of Murchinson Ltd.'s portfolio, making the stock its 7th biggest position.
A number of other hedge funds also recently modified their holdings of the company. Ballentine Partners LLC raised its position in Vale by 7.8% in the 3rd quarter. Ballentine Partners LLC now owns 13,627 shares of the basic materials company's stock valued at $159,000 after purchasing an additional 987 shares during the last quarter. Legacy Capital Group California Inc. raised its position in Vale by 6.9% in the 2nd quarter. Legacy Capital Group California Inc. now owns 17,932 shares of the basic materials company's stock valued at $200,000 after purchasing an additional 1,154 shares during the last quarter. Bank of New York Mellon Corp raised its position in Vale by 1.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 62,076 shares of the basic materials company's stock valued at $693,000 after purchasing an additional 1,187 shares during the last quarter. IFG Advisory LLC increased its stake in shares of Vale by 6.1% in the 2nd quarter. IFG Advisory LLC now owns 22,702 shares of the basic materials company's stock valued at $254,000 after buying an additional 1,296 shares during the period. Finally, Pinnacle Associates Ltd. increased its stake in shares of Vale by 5.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 28,754 shares of the basic materials company's stock valued at $336,000 after buying an additional 1,375 shares during the period. Institutional investors own 21.85% of the company's stock.
Analysts Set New Price Targets
VALE has been the subject of several research reports. Scotiabank lowered their target price on Vale from $16.00 to $14.00 and set a "sector perform" rating for the company in a research note on Wednesday, November 20th. Wolfe Research cut Vale from a "peer perform" rating to an "underperform" rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. lowered their target price on Vale from $16.50 to $15.00 and set an "overweight" rating for the company in a research note on Monday, September 23rd. Morgan Stanley lowered their target price on Vale from $16.00 to $15.50 and set an "overweight" rating for the company in a research note on Thursday, September 19th. Finally, UBS Group cut Vale from a "buy" rating to a "neutral" rating and lowered their target price for the company from $14.00 to $11.50 in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $14.91.
Read Our Latest Stock Report on VALE
Vale Stock Down 2.1 %
Shares of Vale stock traded down $0.20 during trading on Wednesday, reaching $9.48. The stock had a trading volume of 29,184,382 shares, compared to its average volume of 27,460,406. The company has a market capitalization of $42.50 billion, a price-to-earnings ratio of 4.43, a P/E/G ratio of 0.26 and a beta of 0.91. The stock has a fifty day moving average price of $10.65 and a two-hundred day moving average price of $10.88. Vale S.A. has a 52 week low of $9.45 and a 52 week high of $16.08. The company has a current ratio of 0.91, a quick ratio of 0.58 and a debt-to-equity ratio of 0.39.
Vale (NYSE:VALE - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.15. The company had revenue of $9.55 billion for the quarter, compared to analyst estimates of $9.61 billion. Vale had a return on equity of 21.07% and a net margin of 22.59%. During the same period in the previous year, the company posted $0.66 earnings per share. Sell-side analysts predict that Vale S.A. will post 2.13 EPS for the current fiscal year.
About Vale
(
Free Report)
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.
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