Scotiabank Forecasts Vale’s FY2024 Earnings (NYSE:VALE)

Vale S.A. (NYSE:VALE) – Scotiabank cut their FY2024 EPS estimates for shares of Vale in a research report issued on Wednesday, January 8th. Scotiabank analyst A. Salazar now forecasts that the basic materials company will post earnings per share of $1.66 for the year, down from their previous estimate of $2.26. Scotiabank currently has a “Sector Perform” rating and a $13.00 target price on the stock. The consensus estimate for Vale’s current full-year earnings is $2.08 per share. Scotiabank also issued estimates for Vale’s FY2026 earnings at $2.53 EPS.

Several other research analysts also recently commented on the company. Morgan Stanley downgraded Vale from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $14.50 to $11.30 in a report on Thursday, December 12th. UBS Group lowered Vale from a “buy” rating to a “neutral” rating and cut their price target for the company from $14.00 to $11.50 in a research note on Monday, November 11th. StockNews.com initiated coverage on shares of Vale in a research note on Friday, December 13th. They issued a “buy” rating for the company. JPMorgan Chase & Co. cut their target price on shares of Vale from $16.50 to $15.00 and set an “overweight” rating on the stock in a research report on Monday, September 23rd. Finally, Jefferies Financial Group lowered their price target on shares of Vale from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Monday. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Vale has an average rating of “Hold” and a consensus target price of $13.89.

Vale Stock Performance

Shares of NYSE:VALE opened at $8.50 on Friday. The firm’s 50 day simple moving average is $9.56 and its 200-day simple moving average is $10.38. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.58 and a current ratio of 0.91. Vale has a one year low of $8.42 and a one year high of $15.06. The firm has a market cap of $38.11 billion, a PE ratio of 3.94, a price-to-earnings-growth ratio of 0.27 and a beta of 0.92.

Vale (NYSE:VALE) last posted its quarterly earnings results on Thursday, October 24th. The basic materials company reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.15. Vale had a net margin of 22.59% and a return on equity of 21.07%. The firm had revenue of $9.55 billion for the quarter, compared to analysts’ expectations of $9.61 billion. During the same period in the prior year, the business posted $0.66 earnings per share.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Vale by 3,692.5% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 18,200,000 shares of the basic materials company’s stock valued at $212,576,000 after buying an additional 17,720,100 shares during the last quarter. SPX Gestao de Recursos Ltda grew its stake in Vale by 60.6% during the 2nd quarter. SPX Gestao de Recursos Ltda now owns 21,969,937 shares of the basic materials company’s stock valued at $245,404,000 after purchasing an additional 8,288,112 shares during the last quarter. Holocene Advisors LP acquired a new position in shares of Vale in the third quarter valued at about $80,300,000. Itau Unibanco Holding S.A. raised its stake in shares of Vale by 123.4% in the third quarter. Itau Unibanco Holding S.A. now owns 12,059,814 shares of the basic materials company’s stock worth $140,859,000 after purchasing an additional 6,660,933 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Vale by 395.3% during the second quarter. Marshall Wace LLP now owns 7,152,069 shares of the basic materials company’s stock worth $79,889,000 after purchasing an additional 5,707,969 shares during the period. 21.85% of the stock is owned by institutional investors and hedge funds.

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. 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.