Lockheed Martin Investment Management Co. Lowers Stock Holdings in Rio Tinto PLC $RIO

Lockheed Martin Investment Management Co. trimmed its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 26.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 31,650 shares of the mining company’s stock after selling 11,500 shares during the period. Lockheed Martin Investment Management Co.’s holdings in Rio Tinto were worth $2,533,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in RIO. Cubist Systematic Strategies LLC purchased a new position in shares of Rio Tinto during the first quarter valued at approximately $84,000. AQR Capital Management LLC increased its position in shares of Rio Tinto by 78.4% during the first quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock valued at $726,000 after acquiring an additional 5,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Rio Tinto by 20.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock valued at $690,000 after acquiring an additional 1,968 shares in the last quarter. Empowered Funds LLC increased its position in shares of Rio Tinto by 5.8% during the first quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock valued at $317,000 after acquiring an additional 288 shares in the last quarter. Finally, Focus Partners Wealth increased its position in shares of Rio Tinto by 16.7% during the first quarter. Focus Partners Wealth now owns 15,985 shares of the mining company’s stock valued at $962,000 after acquiring an additional 2,285 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Trading Down 5.4%

NYSE:RIO opened at $103.63 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. Rio Tinto PLC has a 12 month low of $55.64 and a 12 month high of $112.58. The company has a 50 day simple moving average of $95.95 and a two-hundred day simple moving average of $87.22.

Rio Tinto Dividend Announcement

The business also recently announced a dividend, which was paid on Thursday, April 16th. Shareholders of record on Friday, March 6th were given a $2.54 dividend. This represents a yield of 564.0%. The ex-dividend date of this dividend was Friday, March 6th.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RIO shares. DZ Bank downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Friday, February 20th. Sanford C. Bernstein raised their price target on shares of Rio Tinto from $82.00 to $83.50 and gave the company an “outperform” rating in a research report on Monday, April 27th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Rio Tinto in a research report on Friday. Erste Group Bank raised shares of Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Finally, Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. Four analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $101.75.

About Rio Tinto

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.