Zacks Investment Research upgraded shares of Vale (NYSE:VALE) from a hold rating to a strong-buy rating in a report published on Monday. They currently have $16.00 price objective on the basic materials company’s stock.
According to Zacks, “Over the last month, Vale’s shares outperformed the industry. The company’s aggregate iron ore, pellets, coal, cobalt and gold output levels improved on a year over year basis in fourth-quarter 2017. In the quarters ahead, improving iron ore prices are anticipated to benefit the company’s results. Also, steady improvement in operational efficacy on the back of greater cost discipline and higher mining productivity will work in the company’s favor. Moreover, Vale is deleveraging its balance sheet with the help of its ongoing liability management program. Over the last 60 days, Zacks Consensus Estimate for the stock has moved north for 2018.”
A number of other research firms also recently weighed in on VALE. Royal Bank of Canada raised shares of Vale from a sector perform rating to an outperform rating and boosted their price target for the stock from $11.00 to $14.50 in a research note on Monday, November 20th. Credit Suisse Group reissued a buy rating and set a $16.00 price target on shares of Vale in a research note on Wednesday, January 24th. UBS Group raised shares of Vale from a hold rating to a buy rating in a research note on Tuesday, November 28th. Jefferies Group reissued a hold rating and set a $14.00 price target on shares of Vale in a research note on Thursday, February 15th. Finally, Morgan Stanley raised shares of Vale from an equal weight rating to an overweight rating and set a $12.00 price target for the company in a research note on Monday, November 27th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Vale presently has an average rating of Buy and a consensus price target of $12.46.
The company also recently disclosed a None dividend, which will be paid on Thursday, March 22nd. Investors of record on Tuesday, December 26th will be issued a dividend of $0.098 per share. The ex-dividend date of this dividend is Friday, December 22nd. Vale’s dividend payout ratio is currently 25.95%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Rational Advisors LLC acquired a new position in Vale during the fourth quarter valued at approximately $122,000. KCS Wealth Advisory acquired a new position in shares of Vale in the fourth quarter valued at approximately $125,000. GWM Advisors LLC acquired a new position in shares of Vale in the fourth quarter valued at approximately $149,000. Verition Fund Management LLC acquired a new position in shares of Vale in the second quarter valued at approximately $107,000. Finally, Quadrant Private Wealth Management LLC acquired a new position in shares of Vale in the fourth quarter valued at approximately $176,000. Hedge funds and other institutional investors own 19.03% of the company’s stock.
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Vale SA is a global producer of iron ore and iron ore pellets, key raw materials for steelmaking, and producer of nickel. The Company also produces copper, metallurgical and thermal coal, potash, phosphates and other fertilizer nutrients, manganese ore, ferroalloys, platinum group metals, gold, silver and cobalt.
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