Kapitalo Investimentos Ltda Trims Position in Rio Tinto PLC $RIO

Key Points

• Kapitalo Investimentos Ltda has reduced its stake in Rio Tinto PLC by 50.5%, now holding 127,754 shares, valued at approximately $7.45 million.
• Institutional investors hold 19.33% of Rio Tinto's stock, with multiple firms acquiring new stakes, including Alpine Bank Wealth Management and Wayfinding Financial LLC, each investing $30,000.
• Analysts have mixed views on Rio Tinto, with ratings ranging from Strong Buy to Hold, resulting in a consensus rating of "Moderate Buy" and an average target price of $73.00.

Kapitalo Investimentos Ltda lessened its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 50.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,754 shares of the mining company's stock after selling 130,246 shares during the period. Rio Tinto comprises 1.6% of Kapitalo Investimentos Ltda's investment portfolio, making the stock its 16th biggest holding. Kapitalo Investimentos Ltda's holdings in Rio Tinto were worth $7,452,000 as of its most recent SEC filing.

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

Rio Tinto Price Performance

RIO stock traded up $1.28 during mid-day trading on Monday, reaching $63.66. 3,525,223 shares of the company traded hands, compared to its average volume of 2,622,364. The company has a fifty day moving average price of $61.94 and a 200-day moving average price of $60.36. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week 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 company has a market capitalization of $79.83 billion, a P/E ratio of 9.87 and a beta of 0.66.

Rio Tinto Cuts Dividend

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

Wall Street Analyst Weigh In

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

About Rio Tinto

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.