Gateway Investment Advisers LLC Decreases Stock Holdings in Rio Tinto PLC $RIO

Key Points

• Gateway Investment Advisers LLC significantly reduced its stake in Rio Tinto PLC by 78.5%, selling 16,391 shares during the second quarter, now holding just 4,486 shares worth approximately $262,000.
• Despite this reduction, other institutional investors, such as Goldman Sachs and Auto Owners Insurance Co, increased their stakes in Rio Tinto, with Auto Owners growing its position by 77,150.0%.
• Rio Tinto recently announced a semi-annual dividend of $1.48, with a payout ratio of 45.74%, to be paid on September 25th to stockholders of record.

Gateway Investment Advisers LLC lessened its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 78.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,486 shares of the mining company's stock after selling 16,391 shares during the quarter. Gateway Investment Advisers LLC's holdings in Rio Tinto were worth $262,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in RIO. Amundi increased its stake in Rio Tinto by 224.0% during the 1st quarter. Amundi now owns 230,891 shares of the mining company's stock valued at $13,491,000 after purchasing an additional 159,636 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in Rio Tinto by 24.2% in the 1st quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock worth $242,000 after acquiring an additional 785 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Rio Tinto in the 1st quarter worth approximately $357,000. Acadian Asset Management LLC lifted its position in Rio Tinto by 37.9% in the 1st quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company's stock valued at $3,458,000 after acquiring an additional 15,839 shares in the last quarter. Finally, Merit Financial Group LLC purchased a new stake in Rio Tinto during the 1st quarter valued at $251,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Trading Up 0.5%

Shares of Rio Tinto stock traded up $0.29 during trading on Friday, hitting $62.27. The stock had a trading volume of 3,477,480 shares, compared to its average volume of 2,646,921. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. The firm's fifty day simple moving average is $61.86 and its 200-day simple moving average is $60.40. The stock has a market cap of $78.10 billion, a PE ratio of 9.65 and a beta of 0.66.

Rio Tinto Cuts Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 25th. Investors of record on Friday, August 15th will be issued a dividend of $1.48 per share. The ex-dividend date is Friday, August 15th. This represents a yield of 620.0%. Rio Tinto's dividend payout ratio (DPR) is presently 45.74%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RIO. Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a "buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Barclays reissued an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Finally, Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Rio Tinto presently has an average rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.