Pictet Asset Management Ltd. decreased its position in Vale SA (NYSE:VALE) by 13.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 666,294 shares of the basic materials company’s stock after selling 101,334 shares during the period. Pictet Asset Management Ltd.’s holdings in Vale were worth $7,638,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. First Trust Advisors LP grew its stake in shares of Vale by 12.9% during the first quarter. First Trust Advisors LP now owns 129,487 shares of the basic materials company’s stock worth $1,691,000 after purchasing an additional 14,768 shares during the period. Amundi Pioneer Asset Management Inc. raised its holdings in Vale by 22.1% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 518,394 shares of the basic materials company’s stock worth $6,769,000 after purchasing an additional 93,900 shares during the period. Commonwealth Equity Services LLC raised its holdings in Vale by 25.5% in the second quarter. Commonwealth Equity Services LLC now owns 22,508 shares of the basic materials company’s stock worth $302,000 after purchasing an additional 4,567 shares during the period. Quantitative Systematic Strategies LLC acquired a new position in shares of Vale in the 2nd quarter valued at $654,000. Finally, Wetherby Asset Management Inc. increased its position in shares of Vale by 7.8% in the 2nd quarter. Wetherby Asset Management Inc. now owns 37,398 shares of the basic materials company’s stock valued at $502,000 after buying an additional 2,713 shares in the last quarter. Hedge funds and other institutional investors own 18.08% of the company’s stock.
Several equities analysts have recently weighed in on the company. BMO Capital Markets set a $12.00 price objective on Vale and gave the company a “hold” rating in a report on Tuesday, October 15th. Scotiabank upgraded Vale from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $15.00 to $17.50 in a report on Friday, November 22nd. ValuEngine raised Vale from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Barclays set a $12.00 price target on shares of Vale and gave the stock a “buy” rating in a research note on Friday, October 11th. Finally, Macquarie upgraded Vale from a “neutral” rating to an “outperform” rating and set a $14.00 price objective for the company in a report on Tuesday, September 10th. Twelve equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $13.85.
Vale (NYSE:VALE) last released its quarterly earnings data on Thursday, October 24th. The basic materials company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.55 by ($0.19). The business had revenue of $10.22 billion during the quarter, compared to analyst estimates of $10.62 billion. Vale had a net margin of 9.79% and a return on equity of 20.52%. On average, equities analysts predict that Vale SA will post 1.27 EPS for the current fiscal year.
Vale Company Profile
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. It operates through Ferrous Minerals, Coal, and Base Metals segments. The Ferrous Minerals segment produces and extracts iron ore and pellets, manganese, ferroalloys, and others ferrous products and services; and provides related logistic services.
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