Vale (VALE) Shares Bought by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D increased its stake in shares of Vale (NYSE:VALE) by 12.4% in the first quarter, HoldingsChannel reports. The firm owned 781,510 shares of the basic materials company’s stock after buying an additional 86,443 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Vale were worth $9,941,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company grew its holdings in Vale by 247,063.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,651,050 shares of the basic materials company’s stock worth $20,192,000 after acquiring an additional 1,650,382 shares during the last quarter. Pinnacle Associates Ltd. bought a new stake in Vale during the 4th quarter worth approximately $1,941,000. BT Investment Management Ltd grew its holdings in Vale by 6.6% during the 4th quarter. BT Investment Management Ltd now owns 1,694,251 shares of the basic materials company’s stock worth $20,721,000 after acquiring an additional 105,548 shares during the last quarter. Aperio Group LLC grew its holdings in Vale by 11.3% during the 4th quarter. Aperio Group LLC now owns 323,421 shares of the basic materials company’s stock worth $3,955,000 after acquiring an additional 32,715 shares during the last quarter. Finally, Advisory Services Network LLC grew its holdings in Vale by 281.9% during the 4th quarter. Advisory Services Network LLC now owns 20,781 shares of the basic materials company’s stock worth $250,000 after acquiring an additional 15,340 shares during the last quarter. Institutional investors and hedge funds own 19.03% of the company’s stock.

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VALE has been the topic of a number of research reports. Credit Suisse Group set a $17.00 target price on shares of Vale and gave the stock a “buy” rating in a report on Thursday, April 26th. Royal Bank of Canada set a $16.00 target price on shares of Vale and gave the stock a “buy” rating in a report on Tuesday, April 3rd. Macquarie lowered shares of Vale from an “outperform” rating to a “neutral” rating in a report on Tuesday, March 27th. Jefferies Group reaffirmed a “hold” rating and issued a $14.00 price objective on shares of Vale in a research note on Thursday, February 15th. Finally, Cowen reaffirmed a “market perform” rating and issued a $15.00 price objective (up from $11.00) on shares of Vale in a research note on Thursday, March 1st. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Vale presently has a consensus rating of “Hold” and a consensus price target of $13.63.

NYSE:VALE opened at $14.58 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.13 and a current ratio of 1.53. Vale has a 52 week low of $7.65 and a 52 week high of $15.24. The firm has a market capitalization of $78.42 billion, a PE ratio of 10.80 and a beta of 1.63.

Vale (NYSE:VALE) last posted its quarterly earnings data on Wednesday, April 25th. The basic materials company reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.03. The company had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.60 billion. Vale had a net margin of 13.53% and a return on equity of 14.89%. equities research analysts forecast that Vale will post 1.47 earnings per share for the current year.

About Vale

Vale SA, together with its subsidiaries, produces and sells iron ore and iron ore pallets 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, as well as engages in the provision of related railroad, port, and terminal logistics services.

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