Lmcg Investments LLC Decreases Position in Rio Tinto PLC $RIO

Key Points

• Lmcg Investments LLC has reduced its stake in Rio Tinto PLC by 12.6%, owning 50,167 shares after selling 7,262 shares in the second quarter.
• Rio Tinto has declared a semi-annual dividend of $1.48, which results in a dividend yield of 620.0%.
• Despite the reduction in Lmcg's position, other hedge funds, including Amundi, have significantly increased their holdings in Rio Tinto recently.

Lmcg Investments LLC trimmed its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 12.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 50,167 shares of the mining company's stock after selling 7,262 shares during the period. Lmcg Investments LLC's holdings in Rio Tinto were worth $2,926,000 as of its most recent filing with the Securities & Exchange Commission.

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

Rio Tinto Trading Down 2.3%

RIO stock opened at $65.47 on Friday. The company has a market capitalization of $82.10 billion, a PE ratio of 10.15, a P/E/G ratio of 4.70 and a beta of 0.66. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $68.80. The firm's 50-day moving average is $63.16 and its 200 day moving average is $60.70. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03.

Rio Tinto Cuts Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on RIO shares. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Barclays reissued an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Zacks Research raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Rio Tinto in a research note on Wednesday. Three analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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.

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