JPMorgan Chase & Co. Upgrades Vedanta (VEDL) to Overweight

JPMorgan Chase & Co. upgraded shares of Vedanta (NYSE:VEDL) from a neutral rating to an overweight rating in a research note published on Monday, February 5th.

Vedanta (NYSE VEDL) opened at $20.30 on Monday. The firm has a market capitalization of $18,910.00, a PE ratio of -8.35 and a beta of 2.16. The company has a quick ratio of 0.75, a current ratio of 0.94 and a debt-to-equity ratio of 0.38. Vedanta has a 52 week low of $13.78 and a 52 week high of $21.99.

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its holdings in shares of Vedanta by 1.0% in the 4th quarter. BlackRock Inc. now owns 4,255,277 shares of the basic materials company’s stock valued at $88,639,000 after acquiring an additional 42,170 shares during the last quarter. Mondrian Investment Partners LTD increased its holdings in shares of Vedanta by 29.9% in the 3rd quarter. Mondrian Investment Partners LTD now owns 2,696,334 shares of the basic materials company’s stock valued at $52,201,000 after acquiring an additional 620,414 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of Vedanta by 17.2% in the 4th quarter. Renaissance Technologies LLC now owns 2,237,960 shares of the basic materials company’s stock valued at $46,617,000 after acquiring an additional 328,000 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Vedanta by 121.7% in the 4th quarter. Alliancebernstein L.P. now owns 1,550,962 shares of the basic materials company’s stock valued at $32,307,000 after acquiring an additional 851,541 shares during the last quarter. Finally, State Street Corp grew its stake in Vedanta by 40.2% during the 2nd quarter. State Street Corp now owns 1,488,830 shares of the basic materials company’s stock worth $23,105,000 after buying an additional 427,170 shares during the last quarter. Institutional investors and hedge funds own 4.29% of the company’s stock.

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About Vedanta

Vedanta Limited is a natural resource company engaged in the business of manufacturing copper and copper products, and aluminum and aluminum products. The Company’s segments include Copper, which consists of manufacturing of copper cathode, continuous cast copper rod and anode slime, including from purchased concentrate and manufacturing of precious metal from anode slime, sulfuric acid, phosphoric acid; Iron ore; Aluminium, which consists of manufacturing of alumina and various aluminum products; Power, which consists of power, including power facilities engaged in generation and sale of commercial power, and Other, which consists pig iron and metallurgical coke.

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