Lombard Odier Asset Management Switzerland SA decreased its position in Rio Tinto plc (NYSE:RIO) by 61.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 9,286 shares of the mining company’s stock after selling 14,553 shares during the period. Lombard Odier Asset Management Switzerland SA’s holdings in Rio Tinto were worth $492,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Zions Bancorporation raised its position in Rio Tinto by 2,992.2% in the 3rd quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock worth $112,000 after buying an additional 2,304 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Rio Tinto by 212.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after acquiring an additional 2,166 shares during the period. Boston Private Wealth LLC bought a new position in Rio Tinto in the 3rd quarter worth approximately $207,000. Telos Capital Management Inc. bought a new position in Rio Tinto in the 3rd quarter worth approximately $211,000. Finally, Mackenzie Financial Corp bought a new position in Rio Tinto in the 4th quarter worth approximately $212,000. Hedge funds and other institutional investors own 7.20% of the company’s stock.
Shares of Rio Tinto plc (NYSE RIO) traded up $0.16 during trading hours on Wednesday, hitting $52.20. The stock had a trading volume of 2,930,290 shares, compared to its average volume of 3,334,242. Rio Tinto plc has a 12-month low of $37.66 and a 12-month high of $59.25. The company has a current ratio of 1.71, a quick ratio of 1.40 and a debt-to-equity ratio of 0.30.
The firm also recently announced a semiannual dividend, which will be paid on Thursday, April 12th. Shareholders of record on Friday, March 2nd will be given a $1.7955 dividend. The ex-dividend date is Thursday, March 1st. This represents a yield of 6.68%. This is an increase from Rio Tinto’s previous semiannual dividend of $1.26.
Rio Tinto announced that its board has initiated a stock buyback plan on Wednesday, February 7th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the mining company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
Several brokerages have recently issued reports on RIO. Jefferies Group set a $69.00 price objective on Rio Tinto and gave the stock a “buy” rating in a report on Thursday, February 15th. Argus upped their price objective on Rio Tinto to $61.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Bank of America downgraded Rio Tinto from a “buy” rating to a “neutral” rating in a research report on Tuesday, February 20th. HSBC downgraded Rio Tinto from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Finally, Zacks Investment Research raised Rio Tinto from a “sell” rating to a “hold” rating in a research report on Tuesday, February 20th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $59.07.
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About Rio Tinto
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
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