Vale (VALE) Upgraded to “Buy” at Bank of America

Bank of America upgraded shares of Vale (NYSE:VALE) from a neutral rating to a buy rating in a research note released on Friday, Benzinga reports. They currently have $15.50 price target on the basic materials company’s stock, up from their prior price target of $14.50.

VALE has been the topic of several other reports. HSBC lowered shares of Vale from a buy rating to a hold rating and decreased their price target for the company from $18.00 to $14.50 in a report on Monday, January 28th. Jefferies Financial Group set a $14.00 price target on shares of Vale and gave the company a hold rating in a report on Tuesday, April 2nd. Royal Bank of Canada decreased their price target on shares of Vale to $9.00 and set an underperform rating on the stock in a report on Monday, February 4th. Barclays reaffirmed a buy rating and set a $13.40 price target on shares of Vale in a report on Thursday, February 7th. Finally, Morgan Stanley lowered shares of Vale from an overweight rating to an equal weight rating and set a $11.40 price target on the stock. in a report on Thursday, February 7th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $13.99.

Shares of Vale stock opened at $12.02 on Friday. The company has a market cap of $62.72 billion, a P/E ratio of 6.50 and a beta of 1.10. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.82 and a current ratio of 1.21. Vale has a 1 year low of $10.89 and a 1 year high of $16.13.

Vale (NYSE:VALE) last announced its quarterly earnings results on Wednesday, March 27th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.11. The company had revenue of $9.81 billion for the quarter, compared to analyst estimates of $10.67 billion. Vale had a net margin of 10.03% and a return on equity of 23.20%. Equities research analysts forecast that Vale will post 1.85 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Lindbrook Capital LLC bought a new stake in Vale during the 4th quarter worth approximately $26,000. Semmax Financial Advisors Inc. bought a new stake in Vale during the 4th quarter worth approximately $29,000. American Beacon Advisors Inc. bought a new stake in Vale during the 1st quarter worth approximately $35,000. Enterprise Financial Services Corp grew its holdings in Vale by 338.7% during the 1st quarter. Enterprise Financial Services Corp now owns 4,124 shares of the basic materials company’s stock worth $54,000 after acquiring an additional 3,184 shares during the last quarter. Finally, Investors Research Corp bought a new stake in Vale during the 1st quarter worth approximately $72,000. 18.67% of the stock is currently owned by hedge funds and other institutional investors.

About Vale

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. It operates through Ferrous Minerals, Coal, and Base Metals segments. The Ferrous Minerals segment produces and extracts iron ore and pellets, manganese, ferroalloys, and others ferrous products and services; and provides related logistic services.

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