NewEdge Advisors LLC Sells 29,691 Shares of Rio Tinto PLC $RIO

NewEdge Advisors LLC reduced its position in shares of Rio Tinto PLC (NYSE:RIO) by 27.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 78,842 shares of the mining company’s stock after selling 29,691 shares during the period. NewEdge Advisors LLC’s holdings in Rio Tinto were worth $7,355,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Rio Tinto by 170.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company’s stock valued at $311,023,000 after purchasing an additional 2,451,140 shares in the last quarter. Milford Funds Ltd. bought a new stake in Rio Tinto in the 4th quarter valued at $93,143,000. Altshuler Shaham Ltd acquired a new position in Rio Tinto in the 1st quarter worth $106,724,000. Deutsche Bank AG raised its holdings in Rio Tinto by 102.6% in the 4th quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company’s stock valued at $177,421,000 after acquiring an additional 1,122,667 shares during the period. Finally, Natixis Advisors LLC boosted its holdings in shares of Rio Tinto by 144.7% during the fourth quarter. Natixis Advisors LLC now owns 1,587,387 shares of the mining company’s stock worth $127,039,000 after acquiring an additional 938,687 shares during the period. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Trading Up 0.8%

Shares of NYSE RIO opened at $101.89 on Tuesday. Rio Tinto PLC has a fifty-two week low of $60.22 and a fifty-two week high of $112.58. The company has a quick ratio of 0.93, a current ratio of 1.42 and a debt-to-equity ratio of 0.29. The firm’s 50-day simple moving average is $96.74 and its 200 day simple moving average is $96.85.

Rio Tinto Announces Dividend

The firm also recently declared a dividend, which will be paid on Thursday, September 24th. Investors of record on Friday, August 14th will be paid a dividend of $2.11 per share. This represents a dividend yield of 438.0%. The ex-dividend date is Friday, August 14th.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on RIO shares. Bank of America downgraded Rio Tinto from a “buy” rating to a “neutral” rating in a research note on Friday, May 22nd. Citigroup restated a “neutral” rating on shares of Rio Tinto in a research report on Thursday, July 9th. Morgan Stanley downgraded Rio Tinto from an “equal weight” rating to an “underweight” rating in a research report on Wednesday, July 8th. Argus set a $120.00 price target on Rio Tinto in a report on Monday, April 27th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Rio Tinto in a research note on Friday, May 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $105.50.

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.