Royal Bank of Canada Trims Holdings in Rio Tinto PLC $RIO

Key Points

• Royal Bank of Canada has reduced its holdings in Rio Tinto PLC by 14.3%, selling 187,449 shares to hold 1,120,547 shares valued at $67.32 million.
• Several institutional investors have also recently adjusted their positions in Rio Tinto, with Bfsg LLC significantly increasing its stake by 5,754.5%.
• Rio Tinto's analysts maintain a consensus rating of "Moderate Buy", with a price target set at $73.00, influenced by varied ratings from multiple financial institutions.

Royal Bank of Canada cut its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 14.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,120,547 shares of the mining company's stock after selling 187,449 shares during the period. Royal Bank of Canada owned 0.09% of Rio Tinto worth $67,323,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in RIO. Farther Finance Advisors LLC boosted its holdings in Rio Tinto by 24.2% in the first quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock valued at $242,000 after acquiring an additional 785 shares during the last quarter. Merit Financial Group LLC purchased a new position in shares of Rio Tinto in the 1st quarter worth about $251,000. Bessemer Group Inc. lifted its stake in shares of Rio Tinto by 61.8% in the 1st quarter. Bessemer Group Inc. now owns 5,195 shares of the mining company's stock valued at $312,000 after purchasing an additional 1,985 shares in the last quarter. Stratos Wealth Partners LTD. lifted its stake in shares of Rio Tinto by 3.1% in the 1st quarter. Stratos Wealth Partners LTD. now owns 12,903 shares of the mining company's stock valued at $775,000 after purchasing an additional 388 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Rio Tinto by 36.8% during the 1st quarter. GAMMA Investing LLC now owns 2,546 shares of the mining company's stock worth $153,000 after purchasing an additional 685 shares during the period. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Rio Tinto Stock Up 0.3%

Rio Tinto stock traded up $0.21 during midday trading on Wednesday, hitting $62.08. 1,038,831 shares of the stock were exchanged, compared to its average volume of 3,275,967. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $72.08. 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 $77.85 billion, a P/E ratio of 9.62 and a beta of 0.66. The company has a 50 day moving average price of $61.32 and a two-hundred day moving average price of $60.33.

Rio Tinto Cuts Dividend

The firm 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 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 payout ratio is presently 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.