US Bancorp DE Sells 5,497 Shares of Rio Tinto PLC (NYSE:RIO)

Key Points

• US Bancorp DE has reduced its stake in Rio Tinto PLC by 5.3%, now holding 99,112 shares valued at approximately $5.96 million.
• Rio Tinto's stock price has declined by 0.6% to $59.66, with institutional investors owning 19.33% of the company's shares.
• The company recently announced a dividend cut, declaring a semi-annual dividend of $1.48 per share with an ex-dividend date of August 15.

US Bancorp DE cut its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 5.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,112 shares of the mining company's stock after selling 5,497 shares during the quarter. US Bancorp DE's holdings in Rio Tinto were worth $5,955,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RIO shares. Wall Street Zen downgraded Rio Tinto from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Morgan Stanley reissued an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Finally, Barclays restated an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $73.00.

Rio Tinto Trading Up 1.2%

Shares of RIO traded up $0.70 during trading hours on Thursday, reaching $60.79. 2,220,380 shares of the company traded hands, compared to its average volume of 3,374,740. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The company's fifty day moving average price is $59.47 and its two-hundred day moving average price is $60.30. The company has a market capitalization of $76.23 billion, a price-to-earnings ratio of 9.42 and a beta of 0.64.

Rio Tinto Cuts Dividend

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