Quantitative Investment Management LLC Sells 23,277 Shares of Rio Tinto PLC $RIO

Key Points

• Quantitative Investment Management LLC cut its Rio Tinto stake by 77% in the second quarter, selling 23,277 shares and retaining 6,939 shares valued at approximately $658,000.
• Rio Tinto shares opened at $101.80, down 0.7%, with a 52-week range of $61.40 to $112.58. Institutional investors and hedge funds own 19.33% of the company.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $101.62. The company also declared a $2.11-per-share dividend payable September 24 to shareholders of record August 14.

Quantitative Investment Management LLC trimmed its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 77.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,939 shares of the mining company's stock after selling 23,277 shares during the quarter. Quantitative Investment Management LLC's holdings in Rio Tinto were worth $658,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Glen Eagle Advisors LLC raised its holdings in shares of Rio Tinto by 32.2% during the 4th quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company's stock worth $36,000 after buying an additional 110 shares in the last quarter. Trust Point Inc. grew its position in Rio Tinto by 2.0% in the second quarter. Trust Point Inc. now owns 5,989 shares of the mining company's stock valued at $569,000 after acquiring an additional 118 shares during the last quarter. Americana Partners LLC grew its position in Rio Tinto by 0.8% in the fourth quarter. Americana Partners LLC now owns 16,108 shares of the mining company's stock valued at $1,289,000 after acquiring an additional 120 shares during the last quarter. Walker Asset Management LLC raised its stake in Rio Tinto by 2.5% during the second quarter. Walker Asset Management LLC now owns 4,866 shares of the mining company's stock worth $462,000 after acquiring an additional 120 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Rio Tinto by 19.1% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 772 shares of the mining company's stock worth $62,000 after acquiring an additional 124 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Trading Down 0.7%

Shares of RIO stock opened at $101.80 on Wednesday. Rio Tinto PLC has a 1-year low of $61.40 and a 1-year high of $112.58. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. The stock has a 50-day moving average of $96.35 and a 200-day moving average of $97.79.

Rio Tinto Dividend Announcement

The company also recently declared a dividend, which will be paid on Thursday, September 24th. Shareholders of record on Friday, August 14th will be issued a dividend of $2.11 per share. The ex-dividend date is Friday, August 14th. This represents a yield of 441.0%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada lowered shares of Rio Tinto from a "sector perform" rating to an "underperform" rating in a report on Wednesday, June 3rd. Argus raised shares of Rio Tinto to a "strong-buy" rating in a research note on Thursday, August 20th. DZ Bank upgraded Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 29th. Weiss Ratings raised Rio Tinto from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, July 30th. Finally, Morgan Stanley initiated coverage on Rio Tinto in a report on Monday, August 24th. They issued an "underweight" rating and a $90.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Rio Tinto has a consensus rating of "Hold" and an average price target of $101.62.

Rio Tinto Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company's activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.

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