State of New Jersey Common Pension Fund D Increases Stake in Vale S.A. $VALE

Key Points

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State of New Jersey Common Pension Fund D lifted its position in Vale S.A. (NYSE:VALE - Free Report) by 4.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 827,805 shares of the basic materials company's stock after purchasing an additional 33,907 shares during the period. State of New Jersey Common Pension Fund D's holdings in Vale were worth $8,261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of VALE. GQG Partners LLC purchased a new stake in shares of Vale in the first quarter worth $371,778,000. Lazard Asset Management LLC increased its stake in shares of Vale by 49.3% in the fourth quarter. Lazard Asset Management LLC now owns 18,238,313 shares of the basic materials company's stock worth $161,773,000 after purchasing an additional 6,023,144 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Vale by 20.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 33,995,398 shares of the basic materials company's stock worth $301,541,000 after purchasing an additional 5,775,590 shares in the last quarter. Balyasny Asset Management L.P. boosted its position in shares of Vale by 6,547.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 4,782,424 shares of the basic materials company's stock worth $42,420,000 after acquiring an additional 4,710,481 shares during the last quarter. Finally, Woodline Partners LP bought a new position in shares of Vale during the fourth quarter worth $39,775,000. 21.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VALE. Scotiabank dropped their target price on shares of Vale from $13.00 to $12.50 and set a "sector perform" rating for the company in a research report on Tuesday, July 22nd. UBS Group restated a "neutral" rating and set a $10.00 target price (up previously from $9.00) on shares of Vale in a research report on Monday, August 4th. Wall Street Zen began coverage on shares of Vale in a research report on Wednesday, May 7th. They set a "hold" rating for the company. CICC Research began coverage on shares of Vale in a research report on Monday, May 12th. They set an "outperform" rating and a $11.30 target price for the company. Finally, Barclays upped their target price on shares of Vale from $12.75 to $13.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 2nd. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $11.84.

Vale Price Performance

VALE stock traded up $0.3050 during trading on Friday, hitting $10.1150. 28,196,797 shares of the company's stock traded hands, compared to its average volume of 37,287,090. Vale S.A. has a 52 week low of $8.06 and a 52 week high of $12.05. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.85 and a current ratio of 1.22. The business has a fifty day simple moving average of $9.82 and a 200 day simple moving average of $9.64. The stock has a market capitalization of $45.91 billion, a price-to-earnings ratio of 8.22 and a beta of 0.74.

Vale (NYSE:VALE - Get Free Report) last announced its earnings results on Thursday, July 31st. The basic materials company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.16. Vale had a net margin of 14.23% and a return on equity of 18.14%. The business had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $9.54 billion. As a group, research analysts expect that Vale S.A. will post 1.85 EPS for the current fiscal year.

Vale Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 13th will be paid a $0.3417 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a dividend yield of 740.0%. Vale's dividend payout ratio is currently 58.54%.

About Vale

Vale SA, together with its subsidiaries, produces and sells iron ore and iron ore pellets for use as raw materials in steelmaking in Brazil and internationally. The company operates through Iron Solutions and Energy Transition Materials segments. The Iron Solutions segment produces and extracts iron ore and pellets, manganese, and other ferrous products; and provides related logistic services.