10 Oversold Large Cap Stocks To Buy Now

5. Vale S.A. (NYSE:VALE)

Market Cap: $45.85 billion

FWD PE Ratio: 5.47

YTD Share Price Decline: ~21%

Number of Hedge Fund Holders: 34

Vale S.A. (NYSE:VALE) is a Brazilian multinational corporation and is the world’s largest producer of iron ore and nickel, with operations across 30 countries. The company also produces manganese, copper, bauxite, and other minerals, while also managing extensive logistics operations such as railroads, ports, and ships. The company also invests in renewable energy through hydroelectric plants.

Vale (NYSE:VALE) recently announced that it has achieved record iron ore output and increased its production forecasts for 2024. The company surpassed its previous record of Q4 2018 as iron ore production increased by 5% year-over-year to 91 million tons due to improved performance at key sites like S11D, Itabira, and Brucutu.

The company also ramped up pellet production by 13%, reaching 10.4 million tons. Sales of iron ore rose by 2%, totaling 81.8 million tons. Copper production grew by 5% to 85.9 thousand tons, driven by improved performance across all operations, despite a disruption at Salobo 3 in June. Ore processed at Salobo 1 and 2 was up 30% year-over-year due to strong mill performance.

Nickel production increased by 12%, reaching 47.1 thousand tons, largely due to better results from Sudbury and progress at the Voisey’s Bay underground mines.

Vale’s (NYSE:VALE) is also quite focused on technologies that drive sustainability in mining and metals. In September, Its venture capital initiative, Vale Ventures invested in Mantel, a Boston-based startup focused on developing a low-cost carbon capture technology using molten borates.

The technology aims to help decarbonize heavy industries, including mining and steel production. The investment, part of Mantel’s $30 million Series A round supports the creation of a demonstration plant capable of capturing 1,800 tons of CO2 annually.