Rio Tinto PLC (NYSE:RIO) Shares Sold by Deutsche Bank AG

Key Points

• Deutsche Bank AG has reduced its stake in Rio Tinto PLC by 23.3%, selling 294,732 shares and now holding 969,349 shares valued at approximately $58.2 million.
• Rio Tinto's semi-annual dividend of $1.48 will be paid to investors of record on August 15th, but the company has had to cut dividends previously.
• Wall Street analysts have rated Rio Tinto stock with a consensus of "Moderate Buy" and an average target price of $73.00, with mixed ratings from several major banks.

Deutsche Bank AG reduced its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 23.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 969,349 shares of the mining company's stock after selling 294,732 shares during the period. Deutsche Bank AG owned 0.08% of Rio Tinto worth $58,238,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wayfinding Financial LLC purchased a new position in Rio Tinto during the first quarter worth about $30,000. Alpine Bank Wealth Management purchased a new position in Rio Tinto during the first quarter worth about $30,000. Bfsg LLC boosted its stake in Rio Tinto by 5,754.5% during the first quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after buying an additional 633 shares during the period. Ameriflex Group Inc. purchased a new position in Rio Tinto during the fourth quarter worth about $47,000. Finally, Cary Street Partners Investment Advisory LLC boosted its stake in Rio Tinto by 65.1% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 852 shares of the mining company's stock worth $51,000 after buying an additional 336 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RIO shares. Wall Street Zen lowered shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Rio Tinto presently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Trading Up 0.5%

NYSE RIO opened at $62.15 on Tuesday. The firm has a 50 day simple moving average of $59.58 and a 200-day simple moving average of $60.28. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08. The firm has a market cap of $77.94 billion, a price-to-earnings ratio of 9.64 and a beta of 0.64.

Rio Tinto Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, September 25th. Investors of record on Friday, August 15th will be issued a $1.48 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a yield of 620.0%. Rio Tinto's dividend payout ratio (DPR) is 69.15%.

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.

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