Rio Tinto PLC (NYSE:RIO) Stock Holdings Decreased by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management Co Ltd. reduced its holdings in Rio Tinto PLC by 40.3% during the first quarter, now owning 9,799 shares worth approximately $589,000 after selling 6,601 shares.
• In addition to LGT, other investors made adjustments, with Bfsg LLC increasing its position by 5,754.5% and several new positions acquired by firms each valued around $30,000.
• Rio Tinto has announced a semi-annual dividend of $1.48 per share, representing a yield of 620.0%, with a payout ratio of 69.15%.

LGT Fund Management Co Ltd. lessened its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 40.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,799 shares of the mining company's stock after selling 6,601 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Rio Tinto were worth $589,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Alpine Bank Wealth Management purchased a new stake in Rio Tinto during the 1st quarter worth $30,000. Wayfinding Financial LLC purchased a new stake in shares of Rio Tinto in the first quarter worth about $30,000. Pandora Wealth Inc. purchased a new stake in shares of Rio Tinto in the first quarter worth about $30,000. Bfsg LLC boosted its position in shares of Rio Tinto by 5,754.5% in 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. Finally, Ameriflex Group Inc. purchased a new stake in shares of Rio Tinto in the fourth quarter worth about $47,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Analysts Set New Price Targets

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

Rio Tinto Stock Down 1.7%

RIO stock traded down $1.09 during trading on Thursday, reaching $62.48. The stock had a trading volume of 2,376,919 shares, compared to its average volume of 3,432,659. The firm has a fifty day moving average price of $59.83 and a 200 day moving average price of $60.33. The company has a market capitalization of $78.36 billion, a P/E ratio of 9.69 and a beta of 0.64. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $72.08. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.

Rio Tinto Cuts Dividend

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

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.