Apple Inc. (NASDAQ:AAPL) stock has inched up by some 1% during early trading on Wednesday after the investment firm Cowen & Co. upgraded the rating for the company to “outperform” from “market perform”. The price target estimates were also revised to $135 from $125. Cowen & Co. cited the upcoming launch of iPhone 7 as a primary reason behind the upgrade. Apple Inc. (NASDAQ:AAPL) stock reached a 3-month high following the market upgrade and the ensuing positive investor sentiment. Overall, 133 hedge funds tracked by Insider Monkey held long positions Apple heading into 2016, having amassed $17 billion. 3% of the total Apple stock is owned by the hedge funds tracked by us. Carl Icahn’s Icahn Capital LP owns approximately 45 million shares of the company.
Vale SA (ADR) (NYSE:VALE)’s stock surged by approximately 4.5% this morning after several research investment firms and organizations, including HSBC and Bank of America upgraded the rating for the mining company. Another important reason behind Vale SA (ADR) (NYSE:VALE)’s rise is the Federal Reserve chief Janet Yellen’s market-friendly speech in which he said that the central bank has no intentions to increase the interest rates. At the end of the fourth quarter, 18 hedge funds out of those tracked by us held stakes in Vale SA. The total value of this investment is approximately $147.3 million. A total of 0.90% of the company’s stock is owned by the hedge funds tracked by us. Kurt Billick’s Bocage Capital owns approximately 1.2 million shares of the company.
Gerdau SA (ADR) (NYSE:GGB)‘s stock rose by 11% on Wednesday morning following the Bank of America Merrill Lynch recommendation to buy the Brazilian company. Analyst Felipe Hirai also upgraded the rating for Gerdau SA (ADR) (NYSE:GGB) to “Buy” from “Underperform”. Hirai said that long steel is a favorable market because it would get benefits from the growth recovery in Brazil. Overall, 10 hedge funds tracked by us held long positions in Gerdau SA (ADR) (NYSE:GGB) at the end of the fourth quarter, holding $52.7 million worth of stock. Clint Carlson’s Carlson Capital reported the ownership of approximately 19 million shares of the company.