Rossby Financial LCC Sells 501 Shares of Rio Tinto PLC $RIO

Rossby Financial LCC reduced its stake in Rio Tinto PLC (NYSE:RIO) by 7.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,301 shares of the mining company’s stock after selling 501 shares during the quarter. Rossby Financial LCC’s holdings in Rio Tinto were worth $368,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its position in shares of Rio Tinto by 4.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company’s stock worth $502,787,000 after purchasing an additional 326,661 shares in the last quarter. Auto Owners Insurance Co boosted its position in shares of Rio Tinto by 77,150.0% in the 1st quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company’s stock worth $445,553,000 after purchasing an additional 7,406,400 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in shares of Rio Tinto in the 2nd quarter worth approximately $292,770,000. Dimensional Fund Advisors LP boosted its position in shares of Rio Tinto by 33.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company’s stock worth $116,510,000 after purchasing an additional 490,357 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Rio Tinto by 3.8% in the 1st quarter. Northern Trust Corp now owns 1,663,964 shares of the mining company’s stock worth $99,971,000 after purchasing an additional 60,927 shares in the last quarter. 19.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RIO. Weiss Ratings reissued a “hold (c)” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Finally, Berenberg Bank reaffirmed a “hold” rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Three analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Rio Tinto presently has an average rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Price Performance

RIO stock opened at $71.96 on Wednesday. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $72.20. 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 stock’s 50 day simple moving average is $65.12 and its 200 day simple moving average is $61.75.

Rio Tinto Cuts Dividend

The company also recently declared a semi-annual dividend, which was paid on Thursday, September 25th. Stockholders of record on Friday, August 15th were issued a dividend of $1.48 per share. This represents a dividend yield of 620.0%. The ex-dividend date of this dividend was Friday, August 15th.

About Rio Tinto

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.