Vale S.A. $VALE Holdings Decreased by Manning & Napier Advisors LLC

Key Points

• Manning & Napier Advisors reduced its Vale stake by 23.5% in the second quarter, selling 72,927 shares and retaining 237,849 shares valued at approximately $3.6 million. Institutional investors and hedge funds collectively own 21.85% of Vale.
• Analyst sentiment remains cautious, with Vale receiving an average “Hold” rating and a consensus price target of $16.00. Recent target changes included reductions from Scotiabank and Bank of America, while Barclays modestly raised its target to $17.00.
• Vale shares opened at $15.04 after rising 3.1%, but the company’s latest quarterly results missed expectations, reporting $0.36 in adjusted earnings per share versus a $0.46 consensus estimate. Vale also declared a special dividend of $0.3088 per share, payable September 10 to shareholders of record August 13.

Manning & Napier Advisors LLC lowered its stake in Vale S.A. (NYSE:VALE - Free Report) by 23.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 237,849 shares of the basic materials company's stock after selling 72,927 shares during the quarter. Manning & Napier Advisors LLC's holdings in Vale were worth $3,577,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of VALE. Todd Asset Management LLC lifted its holdings in shares of Vale by 51.6% in the fourth quarter. Todd Asset Management LLC now owns 6,239,516 shares of the basic materials company's stock valued at $81,301,000 after buying an additional 2,124,412 shares during the period. Leonteq Securities AG bought a new stake in Vale in the fourth quarter worth about $6,038,000. Jennison Associates LLC lifted its holdings in Vale by 55.0% in the 4th quarter. Jennison Associates LLC now owns 1,603,391 shares of the basic materials company's stock valued at $20,892,000 after acquiring an additional 568,637 shares during the last quarter. Truist Financial Corp boosted its position in shares of Vale by 16,205.4% during the 4th quarter. Truist Financial Corp now owns 8,109,148 shares of the basic materials company's stock valued at $105,662,000 after purchasing an additional 8,059,415 shares in the last quarter. Finally, Pinebridge Investments LLC bought a new position in shares of Vale during the 4th quarter valued at about $4,642,000. Institutional investors and hedge funds own 21.85% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Barclays raised their target price on shares of Vale from $16.75 to $17.00 and gave the stock an "equal weight" rating in a report on Monday, August 3rd. UBS Group reaffirmed a "neutral" rating and issued a $16.50 price target on shares of Vale in a report on Tuesday, August 11th. Scotiabank cut their price objective on Vale from $19.00 to $16.00 and set a "sector perform" rating for the company in a research report on Monday, July 20th. Bank of America restated a "neutral" rating and issued a $16.00 target price (down from $18.00) on shares of Vale in a report on Wednesday, August 5th. Finally, Wall Street Zen downgraded Vale from a "buy" rating to a "hold" rating in a report on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $16.00.

Vale Stock Up 3.1%

Shares of Vale stock opened at $15.04 on Tuesday. The stock has a 50-day moving average price of $14.70 and a 200 day moving average price of $15.70. The company has a market cap of $68.29 billion, a P/E ratio of 30.70 and a beta of 0.47. The company has a current ratio of 1.19, a quick ratio of 0.77 and a debt-to-equity ratio of 0.45. Vale S.A. has a 1 year low of $10.08 and a 1 year high of $17.94.

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

Vale Dividend Announcement

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

Vale Company 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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