Rio Tinto PLC $RIO Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors cut its Rio Tinto stake by 27.4% in the first quarter, selling 29,691 shares and retaining 78,842 shares valued at approximately $7.36 million.
• Institutional sentiment was mixed: several major investors increased their positions, while overall institutional and hedge-fund ownership stood at 19.33% of the company.
• Analyst views remain divided, resulting in a consensus “Hold” rating and a $105.50 average price target. Rio Tinto shares opened at $101.89, while the company announced a $2.11 dividend payable September 24 to shareholders of record August 14.

NewEdge Advisors LLC decreased its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 27.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,842 shares of the mining company's stock after selling 29,691 shares during the period. NewEdge Advisors LLC's holdings in Rio Tinto were worth $7,355,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RIO. Arrowstreet Capital Limited Partnership raised its holdings in shares of Rio Tinto by 170.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company's stock valued at $311,023,000 after buying an additional 2,451,140 shares during the last quarter. Milford Funds Ltd. acquired a new stake in Rio Tinto in the 4th quarter valued at approximately $93,143,000. Altshuler Shaham Ltd bought a new stake in Rio Tinto during the 1st quarter valued at $106,724,000. Deutsche Bank AG raised its stake in Rio Tinto by 102.6% during the 4th quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company's stock valued at $177,421,000 after acquiring an additional 1,122,667 shares in the last quarter. Finally, Natixis Advisors LLC boosted its position in Rio Tinto by 144.7% during the 4th quarter. Natixis Advisors LLC now owns 1,587,387 shares of the mining company's stock worth $127,039,000 after acquiring an additional 938,687 shares during the period. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RIO. Citigroup reissued a "neutral" rating on shares of Rio Tinto in a research note on Thursday, July 9th. The Goldman Sachs Group raised shares of Rio Tinto from a "neutral" rating to a "buy" rating in a report on Wednesday, July 29th. Berenberg Bank set a $113.00 target price on shares of Rio Tinto in a research report on Thursday, July 30th. Argus set a $120.00 target price on shares of Rio Tinto in a research note on Monday, April 27th. Finally, Morgan Stanley downgraded shares of Rio Tinto from an "equal weight" rating to an "underweight" rating in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Rio Tinto currently has a consensus rating of "Hold" and a consensus price target of $105.50.

Rio Tinto Trading Up 0.8%

NYSE:RIO opened at $101.89 on Tuesday. Rio Tinto PLC has a twelve month low of $60.22 and a twelve month high of $112.58. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.93 and a current ratio of 1.42. The company has a 50-day moving average of $96.74 and a 200-day moving average of $96.85.

Rio Tinto Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Thursday, September 24th. Investors of record on Friday, August 14th will be issued a $2.11 dividend. The ex-dividend date is Friday, August 14th. This represents a yield of 438.0%.

About Rio Tinto

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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