OLD National Bancorp IN Sells 5,235 Shares of Vale S.A. $VALE

OLD National Bancorp IN lessened its stake in shares of Vale S.A. (NYSE:VALE) by 28.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,389 shares of the basic materials company’s stock after selling 5,235 shares during the quarter. OLD National Bancorp IN’s holdings in Vale were worth $130,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in VALE. GQG Partners LLC acquired a new position in shares of Vale during the 1st quarter worth about $371,778,000. Orbis Allan Gray Ltd lifted its position in shares of Vale by 165.9% during the 1st quarter. Orbis Allan Gray Ltd now owns 31,257,989 shares of the basic materials company’s stock worth $311,955,000 after purchasing an additional 19,500,437 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Vale by 38.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 15,932,405 shares of the basic materials company’s stock worth $159,005,000 after purchasing an additional 4,389,959 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Vale during the 1st quarter worth about $36,118,000. Finally, Nuveen LLC acquired a new position in shares of Vale during the 1st quarter worth about $34,751,000. Institutional investors and hedge funds own 21.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Scotiabank raised Vale from a “sector perform” rating to a “sector outperform” rating and set a $14.00 price objective for the company in a research report on Thursday, September 18th. UBS Group boosted their price objective on Vale from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Monday. Wells Fargo & Company began coverage on Vale in a research report on Tuesday. They set a “cautious” rating and a $11.00 price objective for the company. Zacks Research cut Vale from a “hold” rating to a “strong sell” rating in a report on Tuesday, September 9th. Finally, Clarkson Capital began coverage on Vale in a report on Wednesday, September 3rd. They issued a “buy” rating and a $12.00 price target for the company. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Vale has an average rating of “Hold” and a consensus price target of $11.95.

Vale Trading Up 0.5%

Vale stock opened at $11.10 on Thursday. The business has a 50 day moving average price of $10.41 and a two-hundred day moving average price of $9.86. The company has a quick ratio of 0.85, a current ratio of 1.22 and a debt-to-equity ratio of 0.48. The stock has a market cap of $50.38 billion, a price-to-earnings ratio of 9.02 and a beta of 0.80. Vale S.A. has a 12 month low of $8.06 and a 12 month high of $11.32.

Vale (NYSE:VALE) last released its quarterly earnings data 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 return on equity of 18.14% and a net margin of 14.23%.The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $9.54 billion. As a group, equities analysts forecast that Vale S.A. will post 1.85 EPS for the current year.

Vale Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Wednesday, September 10th. Stockholders of record on Wednesday, August 13th were paid a $0.3417 dividend. This represents a dividend yield of 740.0%. The ex-dividend date was Wednesday, August 13th. Vale’s dividend payout ratio is currently 59.35%.

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. 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.