Scotia Capital Inc. Has $5.14 Million Stake in Rio Tinto PLC (NYSE:RIO)

Key Points

• Scotia Capital Inc. has reduced its stake in Rio Tinto PLC by 9.8%, owning 85,472 shares valued at approximately $5.14 million after selling 9,277 shares in the first quarter.
• A number of institutional investors and hedge funds have recently modified their holdings in Rio Tinto, indicating a diversity of investment strategies in the company.
• Research analysts have mixed ratings for Rio Tinto, with a majority giving it a "hold" rating, while the company has an average target price of $73.00.

Scotia Capital Inc. reduced its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 9.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 85,472 shares of the mining company's stock after selling 9,277 shares during the quarter. Scotia Capital Inc.'s holdings in Rio Tinto were worth $5,135,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of RIO. Alpine Bank Wealth Management acquired a new position in Rio Tinto during the first quarter valued at approximately $30,000. Wayfinding Financial LLC bought a new position in shares of Rio Tinto during the first quarter worth $30,000. Bfsg LLC boosted its position in shares of Rio Tinto by 5,754.5% during the first quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after purchasing an additional 633 shares in the last quarter. Ameriflex Group Inc. acquired a new position in shares of Rio Tinto in the 4th quarter valued at $47,000. Finally, SJS Investment Consulting Inc. increased its position in shares of Rio Tinto by 577.9% in the 1st quarter. SJS Investment Consulting Inc. now owns 922 shares of the mining company's stock valued at $55,000 after buying an additional 786 shares in the last quarter. 19.33% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Rio Tinto Trading Up 0.5%

Shares of NYSE:RIO opened at $59.98 on Tuesday. The company's 50-day moving average price is $59.48 and its two-hundred day moving average price is $60.30. Rio Tinto PLC has a one year low of $51.67 and a one 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 stock has a market capitalization of $75.21 billion, a PE ratio of 9.30 and a beta of 0.64.

Rio Tinto Cuts Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Shareholders of record on Friday, August 15th will be paid a $1.48 dividend. This represents a yield of 620.0%. The ex-dividend date is Friday, August 15th. Rio Tinto's dividend payout ratio (DPR) is currently 69.15%.

Rio Tinto 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.

Want to see what other hedge funds are holding RIO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rio Tinto PLC (NYSE:RIO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.