Rio Tinto PLC $RIO Stock Position Decreased by Crescent Grove Advisors LLC

Key Points

• Crescent Grove Advisors LLC cut its Rio Tinto stake by 54.9% in the third quarter, selling 13,390 shares and retaining 11,011 shares valued at approximately $1.04 million.
• Other institutional investors increased their positions, including Renaissance Technologies, Bank of America, Cidel Asset Management and SG Americas Securities; institutional investors collectively own 19.33% of Rio Tinto.
• Rio Tinto shares opened at $86.93, below their 50-day and 200-day moving averages. Analysts maintain a consensus “Hold” rating with an average price target of $101.62, while the company recently paid a $2.11-per-share dividend.

Crescent Grove Advisors LLC lowered its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 54.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,011 shares of the mining company's stock after selling 13,390 shares during the quarter. Crescent Grove Advisors LLC's holdings in Rio Tinto were worth $1,037,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd acquired a new stake in shares of Rio Tinto in the first quarter valued at approximately $106,724,000. Renaissance Technologies LLC grew its stake in Rio Tinto by 417.6% in the first quarter. Renaissance Technologies LLC now owns 965,800 shares of the mining company's stock valued at $90,099,000 after purchasing an additional 779,200 shares in the last quarter. Bank of America Corp DE increased its holdings in Rio Tinto by 6.6% during the first quarter. Bank of America Corp DE now owns 3,623,294 shares of the mining company's stock worth $338,017,000 after buying an additional 225,016 shares during the last quarter. Cidel Asset Management Inc. raised its position in Rio Tinto by 101.1% during the second quarter. Cidel Asset Management Inc. now owns 241,718 shares of the mining company's stock worth $22,946,000 after acquiring an additional 121,537 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in Rio Tinto by 84.0% in the first quarter. SG Americas Securities LLC now owns 206,862 shares of the mining company's stock valued at $19,298,000 after acquiring an additional 94,424 shares during the last quarter. Institutional investors own 19.33% of the company's stock.

Rio Tinto Price Performance

Shares of NYSE:RIO opened at $86.93 on Thursday. The company's 50 day simple moving average is $97.50 and its 200 day simple moving average is $98.53. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. Rio Tinto PLC has a 1 year low of $67.74 and a 1 year high of $112.58.

Rio Tinto Announces Dividend

The business also recently declared a dividend, which was paid on Thursday, September 24th. Investors of record on Friday, August 14th were issued a dividend of $2.11 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a dividend yield of 441.0%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RIO shares. JPMorgan Chase & Co. reiterated a "neutral" rating on shares of Rio Tinto in a research note on Thursday, July 30th. Jefferies Financial Group reissued a "neutral" rating on shares of Rio Tinto in a report on Thursday, August 20th. Morgan Stanley began coverage on Rio Tinto in a research report on Monday, August 24th. They issued an "underweight" rating and a $90.00 target price on the stock. The Goldman Sachs Group upgraded Rio Tinto from a "neutral" rating to a "buy" rating in a research report on Wednesday, July 29th. Finally, UBS Group reaffirmed a "neutral" rating on shares of Rio Tinto in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Rio Tinto has a consensus rating of "Hold" and an average price target of $101.62.

Rio Tinto Company Profile

Rio Tinto plc is a diversified mining and metals company with operations and projects spanning multiple continents. Its principal products include iron ore, aluminum, copper, lithium, borates and titanium dioxide, which are supplied to customers in the steel, construction, automotive, technology and manufacturing industries.

The company explores for, mines, processes and transports mineral resources, while also operating related infrastructure such as railways, ports, smelters and processing facilities.

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