Dallas, Texas 08/28/2013 (Financialstrend) – There had been hefty hedge fund activity in the stock of Vale SA (ADR) (NYSE:VALE) in the recent quarter to ascertain the bullishness of the price trends. It was observed that there were totally 23 hedge funds which were holding effective long positions in this stock in the recent quarter which was observed to be a significant increase of 10% over the previous quarter. Further many new hedge fund managers had also taken up long positions in this stock during the quarter to assert that the company possesses bright prospects for growth in the near future.
Renaissance Technologies was found to occupy the largest hedge fund position in the stock of Vale SA (ADR) (NYSE:VALE) with shares worth $50.9 million occupying around 0.1% of the fund’s total portfolio. Further, AlphaBet Management, D E Shaw, Fisher Asset Management and AQR Capital Management were also observed to have long positions in this stock. In addition, these hedge funds were also initiating new positions in this stock to add on more shares to their portfolio. Such increase in hedge fund activity had boosted up the confidence of the investors in this stock in the recent days.
Shares of Vale SA (ADR) (NYSE:VALE) had presented loss on Tuesday to close at $14.95 per share, a negative move of 1.64% over the previous close. The stock’s price movements on the day were observed to be in the range of $14.85 to $15.06 per share. The stock had recorded the lowest price in 52 weeks at $12.39 and highest price at $21.88 per share. The stock had attracted around 16.64 million trades on Tuesday, while the average trading volume for the past one month had been at 18.53 million shares per day. The company has 5.15 billion outstanding shares and 10% of institutional ownership.