Vedanta Ltd (NYSE:VEDL)’s share price was down 7% during mid-day trading on Friday . The stock traded as low as $11.10 and last traded at $11.23. Approximately 670,414 shares traded hands during mid-day trading, an increase of 12% from the average daily volume of 601,259 shares. The stock had previously closed at $12.07.
Several equities analysts have issued reports on VEDL shares. Goldman Sachs Group started coverage on Vedanta in a research note on Tuesday, August 28th. They issued a “buy” rating on the stock. ValuEngine raised Vedanta from a “sell” rating to a “hold” rating in a research note on Thursday, November 1st.
The firm has a market cap of $8.89 billion, a P/E ratio of 8.16 and a beta of 2.04. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.77.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in VEDL. Mondrian Investment Partners LTD grew its holdings in Vedanta by 36.4% during the second quarter. Mondrian Investment Partners LTD now owns 2,772,006 shares of the basic materials company’s stock worth $37,699,000 after buying an additional 739,340 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Vedanta by 22.8% during the second quarter. Renaissance Technologies LLC now owns 2,934,360 shares of the basic materials company’s stock worth $39,907,000 after buying an additional 543,900 shares in the last quarter. Millennium Management LLC grew its holdings in Vedanta by 372.5% during the second quarter. Millennium Management LLC now owns 653,778 shares of the basic materials company’s stock worth $8,891,000 after buying an additional 515,424 shares in the last quarter. Apollo Management Holdings L.P. bought a new stake in Vedanta during the second quarter worth $4,760,000. Finally, First Trust Advisors LP grew its holdings in Vedanta by 23.0% during the second quarter. First Trust Advisors LP now owns 1,382,087 shares of the basic materials company’s stock worth $18,796,000 after buying an additional 258,589 shares in the last quarter. Hedge funds and other institutional investors own 4.97% of the company’s stock.
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Vedanta Company Profile (NYSE:VEDL)
Vedanta Limited operates as a diversified natural resources company in India. The company produces oil and gas, zinc, lead, silver, iron ore, copper, and aluminum. It also operates 1,980 megawatts (MW) thermal coal-based commercial power facilities; a 600 MW thermal coal-based commercial power facility in Jharsuguda; a 600 MW thermal coal- based commercial power facility in Korba; 274 MW wind power plants; and a 100 MW power plant.
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