Lazard Asset Management LLC lifted its stake in shares of Vale SA (NYSE:VALE) by 26.7% during the 4th quarter, Holdings Channel reports. The firm owned 189,826 shares of the basic materials company’s stock after purchasing an additional 40,030 shares during the quarter. Lazard Asset Management LLC’s holdings in Vale were worth $2,321,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of VALE. OppenheimerFunds Inc. acquired a new position in shares of Vale during the 4th quarter worth approximately $184,795,000. BlackRock Inc. lifted its holdings in Vale by 7.8% in the fourth quarter. BlackRock Inc. now owns 106,225,211 shares of the basic materials company’s stock valued at $1,299,134,000 after acquiring an additional 7,698,364 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Vale by 43.7% in the fourth quarter. Acadian Asset Management LLC now owns 20,382,633 shares of the basic materials company’s stock valued at $249,279,000 after acquiring an additional 6,199,051 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Vale by 358.7% in the fourth quarter. Bank of New York Mellon Corp now owns 3,292,030 shares of the basic materials company’s stock valued at $40,262,000 after acquiring an additional 2,574,285 shares during the last quarter. Finally, Investec Asset Management LTD acquired a new position in Vale in the third quarter valued at approximately $17,457,000. Institutional investors and hedge funds own 19.08% of the company’s stock.
VALE has been the topic of a number of recent analyst reports. Royal Bank of Canada reiterated a “hold” rating and issued a $11.00 price objective on shares of Vale in a report on Wednesday, November 15th. Macquarie upgraded Vale from a “neutral” rating to an “outperform” rating in a report on Tuesday, November 21st. Morgan Stanley upgraded Vale from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective on the stock in a report on Monday, November 27th. UBS Group upgraded Vale from a “hold” rating to a “buy” rating in a report on Tuesday, November 28th. Finally, Credit Suisse Group upgraded Vale from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $11.32 to $15.00 in a report on Tuesday, December 5th. Seven equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $13.18.
The company also recently announced a None dividend, which will be paid on Thursday, March 22nd. Shareholders of record on Tuesday, December 26th will be given a $0.098 dividend. The ex-dividend date of this dividend is Friday, December 22nd. Vale’s payout ratio is 20.83%.
Vale SA is a global producer of iron ore and iron ore pellets, key raw materials for steelmaking, and producer of nickel. The Company also produces copper, metallurgical and thermal coal, potash, phosphates and other fertilizer nutrients, manganese ore, ferroalloys, platinum group metals, gold, silver and cobalt.
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