21,427 Rio Tinto PLC $RIO Shares Sold by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada reduced its Rio Tinto stake by 21.3%, selling 21,427 shares during the third quarter and retaining 79,203 shares valued at approximately $7.36 million.
• Rio Tinto shares opened at $89.45, below their 50-day and 200-day moving averages, with the stock ranging between $67.74 and $112.58 over the past year.
• Analysts maintain a consensus “Hold” rating and an average price target of $101.62, while institutional investors own 19.33% of the company.

TD Waterhouse Canada Inc. trimmed its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 21.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,203 shares of the mining company's stock after selling 21,427 shares during the period. TD Waterhouse Canada Inc.'s holdings in Rio Tinto were worth $7,359,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. AdvisorNet Financial Inc lifted its stake in shares of Rio Tinto by 160.2% in the 1st quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company's stock valued at $27,000 after acquiring an additional 181 shares during the last quarter. Timbuktu Capital Management LLC purchased a new stake in Rio Tinto during the 2nd quarter valued at about $28,000. V Square Quantitative Management LLC bought a new position in Rio Tinto during the 1st quarter worth approximately $35,000. Lodestone Wealth Management LLC grew its position in Rio Tinto by 92.8% during the 3rd quarter. Lodestone Wealth Management LLC now owns 374 shares of the mining company's stock worth $35,000 after acquiring an additional 180 shares during the last quarter. Finally, Costello Asset Management INC bought a new position in Rio Tinto during the 1st quarter worth approximately $37,000. 19.33% of the stock is owned by institutional investors.

Rio Tinto Stock Down 1.0%

Rio Tinto stock opened at $89.45 on Tuesday. The company has a current ratio of 1.42, a quick ratio of 0.93 and a debt-to-equity ratio of 0.29. Rio Tinto PLC has a 1-year low of $67.74 and a 1-year high of $112.58. The firm has a 50-day moving average of $98.04 and a 200-day moving average of $98.63.

Rio Tinto Dividend Announcement

The firm also recently declared a dividend, which was paid on Thursday, September 24th. Shareholders of record on Friday, August 14th were given a dividend of $2.11 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a yield of 441.0%.

Analysts Set New Price Targets

Several brokerages have weighed in on RIO. Erste Group Bank downgraded Rio Tinto from a "buy" rating to a "hold" rating in a research report on Thursday, August 27th. Barclays restated a "neutral" rating on shares of Rio Tinto in a report on Tuesday, July 7th. Argus upgraded shares of Rio Tinto to a "strong-buy" rating in a report on Thursday, August 20th. Morningstar raised shares of Rio Tinto to a "hold" rating in a research note on Tuesday, July 14th. Finally, UBS Group reiterated a "neutral" rating on shares of Rio Tinto in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Rio Tinto has a consensus rating of "Hold" and a consensus target price of $101.62.

Rio Tinto Company Profile

Rio Tinto plc is a diversified mining and metals company with operations and projects spanning multiple continents. Its principal products include iron ore, aluminum, copper, lithium, borates and titanium dioxide, which are supplied to customers in the steel, construction, automotive, technology and manufacturing industries.

The company explores for, mines, processes and transports mineral resources, while also operating related infrastructure such as railways, ports, smelters and processing facilities.

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