Rio Tinto PLC $RIO Shares Sold by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. lowered its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 86.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,000 shares of the mining company's stock after selling 510,000 shares during the quarter. Adage Capital Partners GP L.L.C.'s holdings in Rio Tinto were worth $4,806,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in RIO. Alpine Bank Wealth Management acquired a new position in shares of Rio Tinto during the first quarter valued at approximately $30,000. Wayfinding Financial LLC purchased a new stake in Rio Tinto during the 1st quarter valued at about $30,000. Pandora Wealth Inc. purchased a new stake in Rio Tinto during the 1st quarter valued at about $30,000. Bfsg LLC grew its stake in Rio Tinto by 5,754.5% during the 1st quarter. Bfsg LLC now owns 644 shares of the mining company's stock valued at $39,000 after acquiring an additional 633 shares in the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in shares of Rio Tinto in the fourth quarter valued at approximately $47,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Stock Performance

Shares of RIO stock opened at $63.93 on Monday. The firm's 50 day moving average price is $61.14 and its 200-day moving average price is $60.31. 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 $80.17 billion, a P/E ratio of 9.91 and a beta of 0.66.

Rio Tinto Cuts Dividend

The company also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be given a dividend of $1.48 per share. This represents a dividend yield of 620.0%. The ex-dividend date is Friday, August 15th. Rio Tinto's dividend payout ratio (DPR) is currently 45.74%.

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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