Rio Tinto PLC $RIO Position Trimmed by WNY Asset Management LLC

WNY Asset Management LLC trimmed its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 2.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 8,445 shares of the mining company’s stock after selling 256 shares during the quarter. WNY Asset Management LLC’s holdings in Rio Tinto were worth $493,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in RIO. Auto Owners Insurance Co boosted its holdings 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 worth $445,553,000 after buying an additional 7,406,400 shares in the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in Rio Tinto during the second quarter worth approximately $292,770,000. Dimensional Fund Advisors LP boosted its holdings in Rio Tinto by 33.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company’s stock worth $116,510,000 after buying an additional 490,357 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Rio Tinto by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company’s stock worth $502,787,000 after buying an additional 326,661 shares in the last quarter. Finally, Pacific Heights Asset Management LLC boosted its holdings in Rio Tinto by 300.0% during the first quarter. Pacific Heights Asset Management LLC now owns 300,000 shares of the mining company’s stock worth $18,024,000 after buying an additional 225,000 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Barclays restated an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Finally, Berenberg Bank reaffirmed a “hold” rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Three research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Trading Up 0.7%

Shares of NYSE:RIO opened at $72.46 on Thursday. The firm has a fifty day moving average of $65.35 and a two-hundred day moving average of $61.86. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $73.76. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03.

Rio Tinto Cuts Dividend

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

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.