Van ECK Associates Corp Has $21.06 Million Position in Rio Tinto PLC $RIO

Van ECK Associates Corp lessened its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 33.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 319,076 shares of the mining company’s stock after selling 161,508 shares during the quarter. Van ECK Associates Corp’s holdings in Rio Tinto were worth $21,062,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new position in shares of Rio Tinto during the 1st quarter valued at $84,000. AQR Capital Management LLC boosted its holdings in Rio Tinto by 78.4% in the first quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock worth $726,000 after purchasing an additional 5,310 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Rio Tinto by 20.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock worth $690,000 after purchasing an additional 1,968 shares in the last quarter. Empowered Funds LLC increased its position in Rio Tinto by 5.8% during the first quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock worth $317,000 after buying an additional 288 shares during the last quarter. Finally, Focus Partners Wealth raised its holdings in 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 buying an additional 2,285 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Stock Performance

RIO stock traded down $1.49 during mid-day trading on Friday, reaching $89.21. 1,177,501 shares of the stock traded hands, compared to its average volume of 4,069,610. The business has a 50-day moving average of $92.10 and a two-hundred day moving average of $77.44. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week high of $101.53. 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 Dividend Announcement

The firm also recently announced a dividend, which will be paid on Thursday, April 16th. Investors of record on Friday, March 6th will be paid a dividend of $2.54 per share. The ex-dividend date is Friday, March 6th. This represents a yield of 564.0%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RIO shares. Argus boosted their price target on Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Weiss Ratings raised Rio Tinto from a “hold (c)” rating to a “buy (b-)” rating in a research note on Friday, February 20th. Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a report on Thursday, January 22nd. Erste Group Bank raised Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Finally, Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $81.00.

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.