PNC Financial Services Group Inc. Sells 13,649 Shares of Vale S.A. (NYSE:VALE)

PNC Financial Services Group Inc. reduced its position in shares of Vale S.A. (NYSE:VALE) by 35.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 24,656 shares of the basic materials company’s stock after selling 13,649 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Vale were worth $391,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Whittier Trust Co. lifted its position in Vale by 423.1% during the fourth quarter. Whittier Trust Co. now owns 1,951 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 1,578 shares during the last quarter. Rakuten Securities Inc. purchased a new position in Vale in the fourth quarter worth about $31,000. Richardson Financial Services Inc. purchased a new position in Vale in the fourth quarter worth about $31,000. GAMMA Investing LLC bought a new stake in Vale during the fourth quarter worth approximately $32,000. Finally, Sound Income Strategies LLC raised its position in Vale by 2,502.8% during the fourth quarter. Sound Income Strategies LLC now owns 2,837 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 2,728 shares during the period. 21.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on VALE. Deutsche Bank Aktiengesellschaft cut their target price on Vale from $18.00 to $16.00 and set a “hold” rating on the stock in a research report on Thursday, April 4th. Morgan Stanley reduced their target price on shares of Vale from $18.00 to $15.50 and set an “overweight” rating on the stock in a research note on Friday, June 21st. Barclays lifted their price target on shares of Vale from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 16th. BNP Paribas raised shares of Vale from an “underperform” rating to a “neutral” rating in a research report on Friday, June 21st. Finally, Bank of America restated a “neutral” rating and set a $13.00 target price (down previously from $20.00) on shares of Vale in a research report on Tuesday, April 9th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.91.

Vale Trading Up 0.1 %

Shares of NYSE VALE opened at $11.17 on Friday. Vale S.A. has a twelve month low of $10.99 and a twelve month high of $16.08. The firm has a market cap of $50.08 billion, a PE ratio of 6.17, a price-to-earnings-growth ratio of 4.93 and a beta of 0.98. The business has a fifty day simple moving average of $12.01 and a two-hundred day simple moving average of $13.04. The company has a quick ratio of 0.79, a current ratio of 1.12 and a debt-to-equity ratio of 0.41.

Vale (NYSE:VALE) last released its quarterly earnings data on Wednesday, April 24th. The basic materials company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.42 by ($0.03). Vale had a net margin of 18.72% and a return on equity of 19.59%. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.35 billion. Analysts expect that Vale S.A. will post 2.17 earnings per share for the current fiscal year.

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.