20,000 Shares in Rio Tinto PLC $RIO Acquired by Absolute Gestao de Investimentos Ltda.

Key Points

• Absolute Gestao de Investimentos Ltda. has acquired 20,000 shares of Rio Tinto PLC valued at approximately $1,202,000, making the stock its 25th largest position.
• Rio Tinto has seen significant institutional buying, with Townsquare Capital LLC and Mariner LLC increasing their stakes by 51.8% and 5.3%, respectively, during the fourth quarter.
• The company recently announced a semi-annual dividend of $1.48, representing a yield of 620%, with a payout ratio of 45.74%.

Absolute Gestao de Investimentos Ltda. purchased a new position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 20,000 shares of the mining company's stock, valued at approximately $1,202,000. Rio Tinto accounts for about 0.5% of Absolute Gestao de Investimentos Ltda.'s investment portfolio, making the stock its 25th biggest holding.

A number of other hedge funds also recently modified their holdings of RIO. Townsquare Capital LLC raised its position in shares of Rio Tinto by 51.8% during the fourth quarter. Townsquare Capital LLC now owns 8,197 shares of the mining company's stock worth $482,000 after purchasing an additional 2,798 shares during the period. Mariner LLC grew its stake in Rio Tinto by 5.3% in the fourth quarter. Mariner LLC now owns 107,708 shares of the mining company's stock valued at $6,334,000 after purchasing an additional 5,439 shares in the last quarter. United Capital Financial Advisors LLC boosted its stake in shares of Rio Tinto by 4.3% during the 4th quarter. United Capital Financial Advisors LLC now owns 7,575 shares of the mining company's stock worth $445,000 after acquiring an additional 310 shares during the period. Marshall Wace LLP bought a new position in shares of Rio Tinto during the 4th quarter worth approximately $419,000. Finally, Farringdon Capital Ltd. bought a new position in shares of Rio Tinto during the 4th quarter worth approximately $247,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Rio Tinto Price Performance

Shares of Rio Tinto stock traded up $1.3460 during trading on Friday, reaching $62.6460. 2,692,597 shares of the company's stock were exchanged, compared to its average volume of 3,351,117. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $72.08. The company has a market cap of $78.57 billion, a P/E ratio of 9.71 and a beta of 0.64. The firm's 50-day moving average price is $60.00 and its 200 day moving average price is $60.35.

Rio Tinto Cuts Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Shareholders of record on Friday, August 15th will be given a $1.48 dividend. This represents a dividend yield of 620.0%. The ex-dividend date is Friday, August 15th. Rio Tinto's payout ratio is 45.74%.

Analyst Ratings Changes

Several analysts recently issued reports on RIO shares. Barclays restated an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Wall Street Zen cut Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.