9,408 Rio Tinto PLC $RIO Shares Sold by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG lowered its stake in Rio Tinto PLC (NYSE:RIO) by 45.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 11,357 shares of the mining company’s stock after selling 9,408 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Rio Tinto were worth $1,069,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. AdvisorNet Financial Inc lifted its position in shares of Rio Tinto by 160.2% during the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after purchasing an additional 181 shares during the last quarter. Timbuktu Capital Management LLC bought a new stake in Rio Tinto in the second quarter valued at about $28,000. V Square Quantitative Management LLC bought a new stake in Rio Tinto in the first quarter valued at about $35,000. Lodestone Wealth Management LLC increased its holdings in Rio Tinto by 92.8% in the third quarter. Lodestone Wealth Management LLC now owns 374 shares of the mining company’s stock valued at $35,000 after buying an additional 180 shares during the last quarter. Finally, Costello Asset Management INC acquired a new stake in Rio Tinto during the first quarter valued at approximately $37,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on RIO shares. Zacks Research raised Rio Tinto from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 2nd. DZ Bank reiterated a “buy” rating on shares of Rio Tinto in a research report on Tuesday, September 15th. Jefferies Financial Group reiterated a “neutral” rating on shares of Rio Tinto in a report on Thursday, August 20th. Barclays reissued a “neutral” rating on shares of Rio Tinto in a research report on Tuesday, July 7th. Finally, Royal Bank Of Canada upgraded Rio Tinto from an “underperform” rating to a “sector perform” rating in a research note on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $101.62.

Rio Tinto Trading Down 1.9%

Shares of NYSE:RIO traded down $1.74 during trading on Tuesday, reaching $87.76. 2,349,542 shares of the company’s stock traded hands, 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 company has a 50 day moving average of $98.04 and a 200-day moving average of $98.63.

Rio Tinto Announces Dividend

The firm also recently announced a dividend, which was paid on Thursday, September 24th. Shareholders of record on Friday, August 14th were issued a $2.11 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a yield of 441.0%.

About Rio Tinto

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.