State Street Corp Sells 595,576 Shares of Vale S.A. $VALE

Key Points

• State Street reduced its Vale position by 5.6% in the second quarter, selling 595,576 shares and retaining 9.97 million shares valued at approximately $150 million. Institutional investors collectively own 21.85% of Vale.
• Vale’s latest quarterly results fell short of expectations, with earnings per share of $0.36 versus the $0.46 consensus estimate and revenue of $10.24 billion versus $10.47 billion expected.
• Vale shares opened at $13.56, below the consensus analyst price target of $16.08. Analysts’ overall rating is “Hold,” while the company paid a special dividend of $0.3088 per share.

State Street Corp reduced its position in Vale S.A. (NYSE:VALE - Free Report) by 5.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,973,270 shares of the basic materials company's stock after selling 595,576 shares during the period. State Street Corp owned about 0.22% of Vale worth $149,998,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. Capital World Investors increased its position in shares of Vale by 58.2% in the fourth quarter. Capital World Investors now owns 89,322,261 shares of the basic materials company's stock valued at $1,163,896,000 after buying an additional 32,864,929 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Vale by 15.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 47,947,703 shares of the basic materials company's stock worth $762,848,000 after buying an additional 6,351,703 shares in the last quarter. Lazard Asset Management LLC grew its stake in Vale by 5.4% in the 1st quarter. Lazard Asset Management LLC now owns 23,685,915 shares of the basic materials company's stock valued at $376,843,000 after acquiring an additional 1,205,280 shares during the last quarter. Bank of America Corp DE grew its stake in Vale by 119.9% in the 1st quarter. Bank of America Corp DE now owns 21,837,416 shares of the basic materials company's stock valued at $347,433,000 after acquiring an additional 11,905,247 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in Vale by 15,202.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 15,663,641 shares of the basic materials company's stock valued at $249,209,000 after acquiring an additional 15,561,279 shares in the last quarter. 21.85% of the stock is currently owned by hedge funds and other institutional investors.

Vale Stock Down 1.8%

Shares of NYSE:VALE opened at $13.56 on Friday. The stock has a 50-day simple moving average of $14.66 and a 200-day simple moving average of $15.42. The stock has a market capitalization of $61.57 billion, a P/E ratio of 27.68 and a beta of 0.49. Vale S.A. has a 1 year low of $10.58 and a 1 year high of $17.94. 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 announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.36 earnings per share for the quarter, missing analysts' consensus estimates of $0.46 by ($0.10). Vale had a net margin of 5.11% and a return on equity of 19.87%. The business had revenue of $10.24 billion for the quarter, compared to analyst estimates of $10.47 billion. Equities analysts forecast that Vale S.A. will post 1.9 earnings per share for the current year.

Vale Dividend Announcement

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

Wall Street Analysts Forecast Growth

VALE has been the topic of several recent research reports. Bank of America reaffirmed a "neutral" rating and issued a $16.00 price target (down from $18.00) on shares of Vale in a report on Wednesday, August 5th. Zacks Research upgraded Vale from a "strong sell" rating to a "hold" rating in a research report on Monday, September 7th. Royal Bank Of Canada upped their target price on Vale from $15.00 to $16.00 and gave the company a "sector perform" rating in a research note on Wednesday, September 16th. Morgan Stanley reiterated an "equal weight" rating and set a $16.50 target price (down from $19.50) on shares of Vale in a report on Wednesday, July 8th. Finally, Wall Street Zen downgraded Vale from a "buy" rating to a "hold" rating in a research report on Saturday, July 18th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $16.08.

About Vale

Vale SA is a Brazilian mining and logistics company headquartered in Rio de Janeiro. Its principal business is the production of iron ore and iron ore pellets, which are supplied to steelmakers around the world. The company also produces nickel, copper, manganese, coal and other mineral products.

Vale operates mining, processing, transportation and logistics infrastructure, including railways, ports and maritime terminals. Its operations and projects span Brazil and other jurisdictions, including Canada and Indonesia, enabling the company to serve customers in international markets.

The company was established in 1942 as Companhia Vale do Rio Doce and was privatized in 1997.

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