Scotiabank Sticks to Its Hold Rating for Vale SA (VALE)
In a report released today, Alfonso Salazar from Scotiabank reiterated a Hold rating on Vale SA, with a price target of $18.00.
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Salazar covers the Basic Materials sector, focusing on stocks such as Vale SA, Southern Copper, and Ternium SA. According to TipRanks, Salazar has an average return of 3.0% and a 56.76% success rate on recommended stocks.
In addition to Scotiabank, Vale SA also received a Hold from Deutsche Bank ‘s Liam Fitzpatrick in a report issued on May 15. However, on May 22, J.P. Morgan maintained a Buy rating on Vale SA (NYSE: VALE).
Based on Vale SA’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $9.26 billion and a net profit of $1.89 billion. In comparison, last year the company earned a revenue of $8.12 billion and had a net profit of $1.39 billion
Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VALE in relation to earlier this year. Last month, Tallia Grazielle Parenti, the Officer, Sustainability of VALE bought 10,464.00 shares for a total of $168,575.04.
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