National Bank of Canada FI Trims Holdings in Rio Tinto PLC (NYSE:RIO)

National Bank of Canada FI trimmed its position in Rio Tinto PLC (NYSE:RIO) by 31.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 79,315 shares of the mining company’s stock after selling 37,148 shares during the quarter. National Bank of Canada FI’s holdings in Rio Tinto were worth $4,765,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of RIO. Auto Owners Insurance Co raised its position in Rio Tinto by 77,150.0% during the first quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company’s stock valued at $445,553,000 after acquiring an additional 7,406,400 shares in the last quarter. Deutsche Bank AG raised its position in Rio Tinto by 143,872.8% during the fourth quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company’s stock valued at $74,341,000 after acquiring an additional 1,263,203 shares in the last quarter. Dynamo Internacional Gestao DE Recursos LTDA. raised its position in Rio Tinto by 119.2% during the fourth quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 129,804 shares of the mining company’s stock valued at $2,423,000 after acquiring an additional 807,610 shares in the last quarter. Paloma Partners Management Co purchased a new position in Rio Tinto during the fourth quarter valued at approximately $40,032,000. Finally, Raymond James Financial Inc. purchased a new position in Rio Tinto during the fourth quarter valued at approximately $29,606,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Wall Street Zen lowered Rio Tinto from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Barclays reissued an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Berenberg Bank reissued a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Rio Tinto has an average rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Price Performance

RIO stock opened at $63.55 on Thursday. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $72.08. The company has a market capitalization of $79.69 billion, a PE ratio of 9.85 and a beta of 0.64. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The business’s fifty day moving average price is $59.76 and its 200 day moving average price is $60.32.

Rio Tinto Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be given a dividend of $1.48 per share. This represents a dividend yield of 620.0%. The ex-dividend date of this dividend is Friday, August 15th. Rio Tinto’s dividend payout ratio is currently 69.15%.

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.