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

Crescent Grove Advisors LLC cut its stake in shares of Rio Tinto PLC (NYSE:RIO) by 54.9% during the 3rd quarter, Holdings Channel reports. 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 quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of America Corp DE increased its position in Rio Tinto by 6.6% during the 1st quarter. Bank of America Corp DE now owns 3,623,294 shares of the mining company’s stock valued at $338,017,000 after purchasing an additional 225,016 shares during the period. Altshuler Shaham Ltd bought a new stake in shares of Rio Tinto during the 1st quarter valued at about $106,724,000. Renaissance Technologies LLC grew its stake in Rio Tinto by 417.6% during the first quarter. Renaissance Technologies LLC now owns 965,800 shares of the mining company’s stock worth $90,099,000 after purchasing an additional 779,200 shares during the period. Sei Investments Co. lifted its stake in Rio Tinto by 1.1% in the first quarter. Sei Investments Co. now owns 564,191 shares of the mining company’s stock valued at $52,635,000 after buying an additional 6,407 shares during the period. Finally, Cidel Asset Management Inc. grew its position in shares of Rio Tinto by 101.1% during the 2nd quarter. Cidel Asset Management Inc. now owns 241,718 shares of the mining company’s stock worth $22,946,000 after buying an additional 121,537 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RIO shares. Berenberg Bank reaffirmed a “buy” rating on shares of Rio Tinto in a research note on Wednesday, September 30th. Royal Bank Of Canada raised shares of Rio Tinto from an “underperform” rating to a “sector perform” rating in a research report on Tuesday, October 6th. UBS Group reaffirmed a “neutral” rating on shares of Rio Tinto in a research report on Thursday, July 30th. Morningstar raised shares of Rio Tinto to a “hold” rating in a report on Tuesday, July 14th. Finally, Deutsche Bank Aktiengesellschaft reissued a “neutral” rating on shares of Rio Tinto in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $101.62.

Rio Tinto Stock Down 1.4%

NYSE:RIO opened at $86.93 on Thursday. Rio Tinto PLC has a 1 year low of $67.74 and a 1 year high of $112.58. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. The business has a fifty day simple moving average of $97.50 and a two-hundred day simple moving average of $98.53.

Rio Tinto Announces Dividend

The firm also recently announced a dividend, which was paid on Thursday, September 24th. Shareholders 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 yield of 441.0%.

Rio Tinto 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.