Aberdeen Group plc Increases Position in Rio Tinto PLC $RIO

Key Points

• Aberdeen Group plc increased its stake in Rio Tinto by 33.0% in Q4, owning 403,747 shares after adding 100,247 shares, valued at $32,312,000 at the end of the period.
• Rio Tinto declared a $2.54 dividend to be paid on April 16 to shareholders of record on March 6 (ex-dividend date March 6).
• Analyst views are mixed—several upgrades (e.g., Zacks to Strong Buy, Argus raised its target to $85) but the consensus remains Hold with an average price target of $81.

Aberdeen Group plc grew its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 33.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 403,747 shares of the mining company's stock after purchasing an additional 100,247 shares during the quarter. Aberdeen Group plc's holdings in Rio Tinto were worth $32,312,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Wealth Quarterback LLC increased its holdings in shares of Rio Tinto by 1.8% in the 4th quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company's stock valued at $523,000 after acquiring an additional 118 shares during the last quarter. IVC Wealth Advisors LLC lifted its stake in Rio Tinto by 1.2% during the fourth quarter. IVC Wealth Advisors LLC now owns 10,963 shares of the mining company's stock worth $877,000 after purchasing an additional 129 shares during the last quarter. Mather Group LLC. lifted its stake in Rio Tinto by 4.5% during the fourth quarter. Mather Group LLC. now owns 3,060 shares of the mining company's stock worth $245,000 after purchasing an additional 132 shares during the last quarter. Jaffetilchin Investment Partners LLC boosted its holdings in Rio Tinto by 2.4% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 5,736 shares of the mining company's stock valued at $459,000 after purchasing an additional 137 shares in the last quarter. Finally, Wedmont Private Capital boosted its holdings in Rio Tinto by 4.0% in the fourth quarter. Wedmont Private Capital now owns 3,780 shares of the mining company's stock valued at $321,000 after purchasing an additional 147 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Zacks Research raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a report on Monday, December 29th. Weiss Ratings upgraded shares of Rio Tinto from a "hold (c)" rating to a "buy (b-)" rating in a report on Friday, February 20th. Argus increased their target price on shares of Rio Tinto from $70.00 to $85.00 and gave the company a "buy" rating in a research report on Thursday, December 11th. Erste Group Bank raised shares of Rio Tinto from a "hold" rating to a "buy" rating in a research report on Friday, January 23rd. Finally, JPMorgan Chase & Co. downgraded shares of Rio Tinto from an "overweight" rating to a "neutral" rating in a research note on Monday, March 9th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $81.00.

Rio Tinto Stock Up 0.0%

RIO stock opened at $94.46 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98. The business has a 50 day simple moving average of $93.31 and a 200-day simple moving average of $80.47. Rio Tinto PLC has a twelve month low of $51.67 and a twelve month high of $101.53.

Rio Tinto Dividend Announcement

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

Rio Tinto Company Profile

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.

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