Connor Clark & Lunn Investment Management Ltd. Cuts Position in Vale S.A. $VALE

Key Points

• Connor Clark & Lunn cut its Vale position by 57.1% in the second quarter, selling 5.39 million shares and retaining 4.05 million shares worth approximately $60.9 million. Institutional investors collectively own 21.85% of Vale.
• Analysts maintain a generally cautious view, with Vale carrying a consensus “Hold” rating and a $16.00 target price. Recent targets range from $15.00 at Wells Fargo to $21.00 at JPMorgan.
• Vale reported quarterly EPS of $0.36, below the $0.46 consensus estimate, while revenue of $10.24 billion also missed expectations. The company declared a special $0.3088-per-share dividend, payable September 10 to shareholders of record August 13.

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in Vale S.A. (NYSE:VALE - Free Report) by 57.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,051,623 shares of the basic materials company's stock after selling 5,394,713 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.09% of Vale worth $60,936,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of VALE. N.E.W. Advisory Services LLC bought a new stake in Vale during the fourth quarter worth $26,000. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna grew its stake in Vale by 128.3% in the 4th quarter. Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna now owns 2,055 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 1,155 shares during the period. Bruce G. Allen Investments LLC bought a new position in Vale in the 4th quarter valued at $33,000. Triumph Capital Management bought a new position in Vale in the 3rd quarter valued at $34,000. Finally, Cornerstone Planning Group LLC increased its position in shares of Vale by 15,360.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 3,092 shares of the basic materials company's stock valued at $40,000 after purchasing an additional 3,072 shares during the last quarter. 21.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Vale in a research note on Monday, June 15th. UBS Group restated a "neutral" rating and set a $16.50 price objective on shares of Vale in a report on Tuesday, August 11th. Wells Fargo & Company lowered their price objective on shares of Vale from $16.00 to $15.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 9th. Weiss Ratings reiterated a "hold (c)" rating on shares of Vale in a research note on Wednesday, July 8th. Finally, JPMorgan Chase & Co. increased their target price on shares of Vale from $19.50 to $21.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Vale currently has a consensus rating of "Hold" and a consensus target price of $16.00.

Vale Trading Down 0.1%

Shares of VALE opened at $14.58 on Monday. The business has a 50-day moving average of $14.71 and a 200 day moving average of $15.71. Vale S.A. has a fifty-two week low of $9.80 and a fifty-two week high of $17.94. The firm has a market cap of $66.18 billion, a P/E ratio of 29.76 and a beta of 0.47. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.77 and a current ratio of 1.19.

Vale (NYSE:VALE - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.10). The business had revenue of $10.24 billion for the quarter, compared to analysts' expectations of $10.47 billion. Vale had a net margin of 5.11% and a return on equity of 19.87%. As a group, research analysts forecast that Vale S.A. will post 1.9 EPS for the current year.

Vale Dividend Announcement

The firm also recently declared a special dividend, which will be paid on Thursday, September 10th. Stockholders of record on Thursday, August 13th will be given a $0.3088 dividend. The ex-dividend date of this dividend is Thursday, August 13th. Vale's payout ratio is 89.80%.

Vale Profile

Vale SA is a Brazilian multinational mining company and one of the world's largest producers of iron ore and iron ore pellets. In addition to iron ore, the company produces and sells a range of bulk commodities and metals, including nickel, copper, coal, manganese, ferroalloys and cobalt, and it participates in the fertilizer inputs market. Vale also operates extensive logistics assets — including rail, port and maritime logistics — that support its mining and export activities and provide services to third parties in some regions.

Headquartered in Brazil, Vale maintains a global operational footprint with mining, processing and shipping activities across the Americas, Africa, Asia and Oceania.

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