Rio Tinto PLC $RIO Stake Increased by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. increased its holdings in Rio Tinto PLC by 8.4%, acquiring a total of 87,742 shares valued at approximately $5.27 million at the end of the first quarter.
• Several large investors, including Alpine Bank Wealth Management and Wayfinding Financial LLC, initiated new positions in Rio Tinto, which led to institutional investors owning 19.33% of the company’s stock.
• Despite maintaining a "Moderate Buy" consensus rating, some analysts downgraded Rio Tinto's shares, while the stock currently trades near its fifty-day moving average of $61.04.

Advisors Asset Management Inc. raised its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 8.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 87,742 shares of the mining company's stock after purchasing an additional 6,831 shares during the quarter. Advisors Asset Management Inc.'s holdings in Rio Tinto were worth $5,272,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Alpine Bank Wealth Management acquired a new stake in shares of Rio Tinto in the 1st quarter worth $30,000. Wayfinding Financial LLC acquired a new stake in shares of Rio Tinto in the 1st quarter worth $30,000. Pandora Wealth Inc. acquired a new stake in shares of Rio Tinto in the 1st quarter worth $30,000. Bfsg LLC lifted its stake in shares of Rio Tinto by 5,754.5% in the 1st quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after acquiring an additional 633 shares during the period. Finally, Ameriflex Group Inc. acquired a new stake in shares of Rio Tinto in the 4th quarter worth $47,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Stock Down 2.9%

Shares of RIO traded down $1.83 during mid-day trading on Tuesday, reaching $61.89. 4,966,715 shares of the stock traded hands, compared to its average volume of 3,289,460. The firm has a market cap of $77.62 billion, a price-to-earnings ratio of 9.60 and a beta of 0.66. The stock has a fifty day simple moving average of $61.25 and a 200 day simple moving average of $60.32. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $72.08. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

Rio Tinto Cuts Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Investors of record on Friday, August 15th will be paid 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%.

Analysts Set New Price Targets

Several research firms have recently commented on RIO. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target 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.