ABC Arbitrage SA Sells 60,828 Shares of Rio Tinto PLC (NYSE:RIO)

Key Points

• ABC Arbitrage SA reduced its holdings in Rio Tinto by 17.9%, selling 60,828 shares and now owning 279,687 shares valued at $16.8 million.
• Institutional investors currently own 19.33% of Rio Tinto’s stock, with various firms adjusting their stakes during recent quarters.
• Several analysts have recently rated Rio Tinto shares, with Morgan Stanley maintaining an "overweight" rating while Deutsche Bank downgraded it from "buy" to "hold."

ABC Arbitrage SA trimmed its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 17.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 279,687 shares of the mining company's stock after selling 60,828 shares during the quarter. Rio Tinto comprises approximately 3.1% of ABC Arbitrage SA's holdings, making the stock its 5th largest position. ABC Arbitrage SA's holdings in Rio Tinto were worth $16,804,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Cary Street Partners Investment Advisory LLC lifted its position in Rio Tinto by 65.1% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 852 shares of the mining company's stock worth $51,000 after acquiring an additional 336 shares during the last quarter. Atria Wealth Solutions Inc. increased its stake in shares of Rio Tinto by 6.8% in the first quarter. Atria Wealth Solutions Inc. now owns 3,784 shares of the mining company's stock worth $229,000 after purchasing an additional 241 shares during the period. Solitude Financial Services increased its stake in shares of Rio Tinto by 38.3% in the first quarter. Solitude Financial Services now owns 12,650 shares of the mining company's stock worth $760,000 after purchasing an additional 3,500 shares during the period. Allianz SE acquired a new position in shares of Rio Tinto during the 1st quarter worth about $184,000. Finally, Liberty Wealth Management LLC bought a new stake in Rio Tinto during the 1st quarter valued at approximately $2,053,000. 19.33% of the stock is owned by institutional investors.

Rio Tinto Stock Performance

Shares of RIO traded up $0.70 on Thursday, reaching $60.79. 2,220,446 shares of the stock traded hands, compared to its average volume of 3,788,263. The stock's 50-day moving average price is $59.48 and its 200-day moving average price is $60.29. 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 has a market cap of $76.23 billion, a price-to-earnings ratio of 9.42 and a beta of 0.64. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08.

Rio Tinto Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be issued 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 (DPR) is presently 69.15%.

Analysts Set New Price Targets

Several brokerages have commented on RIO. Wall Street Zen downgraded Rio Tinto from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Rio Tinto currently has an average rating of "Moderate Buy" and a consensus 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.