Rio Tinto PLC $RIO Stock: Bank Pictet & Cie Europe AG Decreases Position

Bank Pictet & Cie Europe AG reduced its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 45.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,357 shares of the mining company’s stock after selling 9,408 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Rio Tinto were worth $1,069,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Tidal Investments LLC raised its holdings in shares of Rio Tinto by 17.9% during the 2nd quarter. Tidal Investments LLC now owns 115,936 shares of the mining company’s stock valued at $11,006,000 after buying an additional 17,597 shares during the period. TD Waterhouse Canada Inc. lifted its position in Rio Tinto by 43.2% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 100,630 shares of the mining company’s stock worth $9,403,000 after acquiring an additional 30,373 shares in the last quarter. Engineers Gate Manager LP purchased a new position in Rio Tinto in the 2nd quarter worth approximately $3,957,000. Cidel Asset Management Inc. boosted its holdings in Rio Tinto by 101.1% in the 2nd quarter. Cidel Asset Management Inc. now owns 241,718 shares of the mining company’s stock worth $22,946,000 after acquiring an additional 121,537 shares during the period. Finally, Dynamic Advisor Solutions LLC purchased a new position in Rio Tinto in the 2nd quarter worth approximately $3,364,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Price Performance

RIO stock traded down $1.74 during midday trading on Tuesday, hitting $87.76. 2,349,542 shares of the company’s stock were exchanged, compared to its average volume of 2,896,093. 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 $67.74 and a 12-month high of $112.58. The firm has a 50 day moving average price of $98.04 and a 200-day moving average price of $98.63.

Rio Tinto Dividend Announcement

The business also recently declared a dividend, which was paid on Thursday, September 24th. Stockholders of record on Friday, August 14th were given a dividend of $2.11 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a dividend yield of 441.0%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RIO shares. Deutsche Bank Aktiengesellschaft reiterated a “neutral” rating on shares of Rio Tinto in a research note on Wednesday, July 15th. The Goldman Sachs Group raised shares of Rio Tinto from a “neutral” rating to a “buy” rating in a research report on Wednesday, July 29th. Morgan Stanley initiated coverage on shares of Rio Tinto in a research note on Monday, August 24th. They set an “underweight” rating and a $90.00 price target on the stock. Weiss Ratings upgraded shares of Rio Tinto from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 30th. Finally, Barclays reissued a “neutral” rating on shares of Rio Tinto in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Rio Tinto currently has a consensus rating of “Hold” and a consensus price target of $101.62.

Rio Tinto Company Profile

Rio Tinto plc is a diversified mining and metals company with operations and projects spanning multiple continents. Its principal products include iron ore, aluminum, copper, lithium, borates and titanium dioxide, which are supplied to customers in the steel, construction, automotive, technology and manufacturing industries.

The company explores for, mines, processes and transports mineral resources, while also operating related infrastructure such as railways, ports, smelters and processing facilities.