Van ECK Associates Corp Has $21.06 Million Stock Position in Rio Tinto PLC $RIO

Key Points

• VanECK Associates cut its stake in Rio Tinto by 33.6% in Q3, selling 161,508 shares and leaving it with 319,076 shares valued at about $21.06 million.
• Rio Tinto announced a $2.54 dividend payable April 16 to shareholders of record March 6, with the article reporting an unusual yield of 564.0%.
• Shares traded at $89.21 (12‑month range $51.67–$101.53) and Wall Street consensus is a Hold rating with a $81.00 price target amid several recent downgrades and mixed analyst coverage.

Van ECK Associates Corp lowered its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 33.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 319,076 shares of the mining company's stock after selling 161,508 shares during the quarter. Van ECK Associates Corp's holdings in Rio Tinto were worth $21,062,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Salomon & Ludwin LLC increased its position in shares of Rio Tinto by 62.2% in the third quarter. Salomon & Ludwin LLC now owns 472 shares of the mining company's stock worth $31,000 after acquiring an additional 181 shares in the last quarter. Root Financial Partners LLC purchased a new stake in shares of Rio Tinto in the 3rd quarter valued at approximately $36,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Rio Tinto in the 2nd quarter worth approximately $38,000. MTM Investment Management LLC acquired a new position in Rio Tinto in the 2nd quarter worth approximately $43,000. Finally, Wealth Preservation Advisors LLC purchased a new position in Rio Tinto during the 2nd quarter worth approximately $53,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Rio Tinto Price Performance

Shares of Rio Tinto stock traded down $1.49 on Friday, hitting $89.21. 1,177,501 shares of the company traded hands, compared to its average volume of 4,069,610. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $101.53. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. The company has a 50-day moving average price of $92.10 and a 200 day moving average price of $77.44.

Rio Tinto Dividend Announcement

The company also recently announced a dividend, which will be paid on Thursday, April 16th. Shareholders of record on Friday, March 6th will be paid a $2.54 dividend. The ex-dividend date is Friday, March 6th. This represents a yield of 564.0%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Barclays downgraded shares of Rio Tinto from an "overweight" rating to an "equal weight" rating in a research note on Tuesday, February 24th. HSBC downgraded Rio Tinto from a "buy" rating to a "hold" rating in a report on Monday, January 26th. Royal Bank Of Canada reissued a "sector perform" rating on shares of Rio Tinto in a research note on Thursday, January 22nd. JPMorgan Chase & Co. lowered Rio Tinto from an "overweight" rating to a "neutral" rating in a research report on Monday. Finally, Citigroup upgraded Rio Tinto to a "hold" rating in a report on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Rio Tinto presently has a consensus rating of "Hold" and a consensus price target of $81.00.

Rio Tinto Profile

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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