Wellington Management Group LLP Sells 3,578,787 Shares of Rio Tinto PLC $RIO

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Wellington Management Group LLP reduced its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 19.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,204,084 shares of the mining company's stock after selling 3,578,787 shares during the period. Wellington Management Group LLP owned about 1.21% of Rio Tinto worth $913,461,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Alpine Bank Wealth Management bought a new position in Rio Tinto in the 1st quarter worth approximately $30,000. Wayfinding Financial LLC bought a new position in Rio Tinto in the 1st quarter worth approximately $30,000. Pandora Wealth Inc. bought a new position in Rio Tinto in the 1st quarter worth approximately $30,000. Bfsg LLC boosted its holdings 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 during the period. Finally, Ameriflex Group Inc. purchased a new stake in Rio Tinto in the 4th quarter worth approximately $47,000. 19.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RIO has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Wall Street Zen cut shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Barclays restated an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Four 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 data from MarketBeat, Rio Tinto currently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Price Performance

Shares of Rio Tinto stock opened at $60.35 on Tuesday. The firm has a market cap of $75.69 billion, a PE ratio of 9.36 and a beta of 0.64. 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 simple moving average is $59.89 and its two-hundred day simple moving average is $60.34.

Rio Tinto Cuts Dividend

The company also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Shareholders of record on Friday, August 15th will be issued a $1.48 dividend. This represents a yield of 620.0%. The ex-dividend date of this dividend is Friday, August 15th. Rio Tinto's dividend payout ratio (DPR) is 45.74%.

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.