Graham Capital Management L.P. Lowers Position in Rio Tinto PLC $RIO

Key Points

• Graham Capital Management L.P. reduced its stake in Rio Tinto PLC by 23.6% during the 1st quarter, now holding 15,560 shares worth approximately $935,000.
• Other institutional investors, including Goldman Sachs and Auto Owners Insurance Co, also adjusted their positions, with Goldman Sachs increasing its holdings by 4.1% and Auto Owners Insurance Co dramatically raising theirs by 77,150%.
• Rio Tinto is set to pay a semi-annual dividend of $1.48 per share on September 25th, despite the company's recent dividend cut.

Graham Capital Management L.P. lowered its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 23.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 15,560 shares of the mining company's stock after selling 4,795 shares during the period. Graham Capital Management L.P.'s holdings in Rio Tinto were worth $935,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Alpine Bank Wealth Management bought a new position in Rio Tinto during the 1st quarter worth $30,000. Wayfinding Financial LLC acquired a new stake in shares of Rio Tinto in the first quarter valued at about $30,000. Pandora Wealth Inc. bought a new position in shares of Rio Tinto during the first quarter worth about $30,000. Bfsg LLC lifted its stake in shares of Rio Tinto by 5,754.5% in the first quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after acquiring an additional 633 shares during the period. Finally, Ameriflex Group Inc. bought a new stake in Rio Tinto in the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Rio Tinto Stock Up 2.3%

Rio Tinto stock traded up $1.47 during midday trading on Friday, reaching $63.93. The stock had a trading volume of 3,215,339 shares, compared to its average volume of 2,390,944. The company has a fifty day moving average price of $61.14 and a two-hundred day moving average price of $60.36. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $80.17 billion, a P/E ratio of 9.91 and a beta of 0.66.

Rio Tinto Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be given a dividend of $1.48 per share. This represents a dividend yield of 620.0%. The ex-dividend date of this dividend is Friday, August 15th. Rio Tinto's dividend payout ratio is presently 45.74%.

Analyst Ratings Changes

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

Rio Tinto Company 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.