Tocqueville Asset Management L.P. cut its stake in shares of Rio Tinto plc ADR (NYSE:RIO) by 6.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 41,679 shares of the mining company’s stock after selling 2,733 shares during the period. Tocqueville Asset Management L.P.’s holdings in Rio Tinto were worth $2,453,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. Berman Capital Advisors LLC acquired a new position in shares of Rio Tinto during the fourth quarter worth about $25,000. First Bank & Trust acquired a new position in shares of Rio Tinto during the first quarter worth about $29,000. Financial Gravity Wealth Inc. acquired a new position in shares of Rio Tinto during the first quarter worth about $29,000. Doyle Wealth Management acquired a new position in shares of Rio Tinto during the fourth quarter worth about $39,000. Finally, Financial Gravity Companies Inc. acquired a new position in Rio Tinto in the fourth quarter valued at approximately $46,000. 7.95% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts recently issued reports on RIO shares. CLSA downgraded Rio Tinto from an “outperform” rating to an “underperform” rating in a report on Thursday, February 7th. Bank of America downgraded Rio Tinto from a “neutral” rating to an “underperform” rating in a report on Thursday, February 28th. Societe Generale downgraded Rio Tinto from a “hold” rating to a “sell” rating and set a $55.23 price target for the company. in a report on Thursday, March 7th. JPMorgan Chase & Co. downgraded Rio Tinto from an “overweight” rating to a “neutral” rating in a report on Monday, February 4th. Finally, BNP Paribas downgraded Rio Tinto from a “neutral” rating to an “underperform” rating in a report on Wednesday, April 10th. Six investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the stock. Rio Tinto has an average rating of “Hold” and an average price target of $62.33.
The company also recently disclosed a semiannual dividend, which was paid on Thursday, April 18th. Stockholders of record on Friday, March 8th were issued a $1.806 dividend. This is an increase from Rio Tinto’s previous semiannual dividend of $1.27. This represents a dividend yield of 6.19%. The ex-dividend date was Thursday, March 7th. Rio Tinto’s dividend payout ratio is presently 71.01%.
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Rio Tinto Company Profile
Rio Tinto plc, a mining and metals company, explores for, develops, produces, and processes minerals and metals worldwide. It finds, mines, and processes mineral resources, including aluminum, copper, diamonds, gold, iron ore, thermal and metallurgical coal, and uranium, as well as industrial minerals, such as borates, titanium dioxide, and salt.
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