Quantitative Investment Management LLC Has $658,000 Position in Rio Tinto PLC $RIO

Quantitative Investment Management LLC cut its holdings in Rio Tinto PLC (NYSE:RIO) by 77.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,939 shares of the mining company’s stock after selling 23,277 shares during the period. Quantitative Investment Management LLC’s holdings in Rio Tinto were worth $658,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AdvisorNet Financial Inc grew its stake in Rio Tinto by 160.2% during the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after purchasing an additional 181 shares during the period. Evelyn Partners Investment Management LLP bought a new position in shares of Rio Tinto during the 4th quarter worth approximately $34,000. V Square Quantitative Management LLC acquired a new stake in shares of Rio Tinto during the 1st quarter worth approximately $35,000. Glen Eagle Advisors LLC increased its stake in shares of Rio Tinto by 32.2% in the 4th quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock valued at $36,000 after acquiring an additional 110 shares in the last quarter. Finally, Costello Asset Management INC acquired a new position in shares of Rio Tinto during the 1st quarter valued at $37,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RIO. Weiss Ratings raised shares of Rio Tinto from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, July 30th. Citigroup reissued a “neutral” rating on shares of Rio Tinto in a research report on Thursday, July 9th. Berenberg Bank set a $113.00 target price on Rio Tinto in a research note on Thursday, July 30th. The Goldman Sachs Group raised Rio Tinto from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 29th. Finally, Zacks Research downgraded Rio Tinto from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $101.62.

Rio Tinto Stock Performance

NYSE RIO opened at $101.80 on Wednesday. The company has a fifty day simple moving average of $96.35 and a 200 day simple moving average of $97.79. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. Rio Tinto PLC has a 12-month low of $61.40 and a 12-month high of $112.58.

Rio Tinto Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, September 24th. Stockholders of record on Friday, August 14th will be issued a dividend of $2.11 per share. This represents a dividend yield of 441.0%. The ex-dividend date is Friday, August 14th.

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.