Bank of America cut shares of Vedanta (NYSE:VEDL) from a buy rating to a neutral rating in a research note released on Friday morning, Marketbeat Ratings reports.

Several other equities analysts also recently issued reports on VEDL. Goldman Sachs Group downgraded shares of Vedanta from a buy rating to a neutral rating in a research note on Friday. ValuEngine raised shares of Vedanta from a sell rating to a hold rating in a research note on Thursday, November 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The stock currently has an average rating of Hold.

VEDL stock opened at $9.22 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.77 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $6.83 billion, a PE ratio of 6.83 and a beta of 1.50. Vedanta has a 12 month low of $9.11 and a 12 month high of $21.26.

Several institutional investors and hedge funds have recently made changes to their positions in VEDL. First Mercantile Trust Co. purchased a new position in shares of Vedanta during the third quarter valued at approximately $127,000. US Bancorp DE raised its stake in Vedanta by 150.3% during the third quarter. US Bancorp DE now owns 12,711 shares of the basic materials company’s stock worth $163,000 after purchasing an additional 7,633 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Vedanta during the third quarter worth approximately $197,000. Stone Ridge Asset Management LLC purchased a new position in Vedanta during the third quarter worth approximately $256,000. Finally, Signaturefd LLC raised its stake in Vedanta by 209.1% during the third quarter. Signaturefd LLC now owns 22,972 shares of the basic materials company’s stock worth $294,000 after purchasing an additional 15,541 shares during the period. 4.56% of the stock is currently owned by institutional investors and hedge funds.

About Vedanta

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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