Aigen Investment Management LP Invests $460,000 in Rio Tinto PLC (NYSE:RIO)

Key Points

• Aigen Investment Management LP has invested $460,000 in Rio Tinto PLC, purchasing 7,649 shares during the first quarter.
• Multiple institutional investors, including Goldman Sachs and Deutsche Bank, have significantly increased their holdings in Rio Tinto, reflecting growing interest in the mining company.
• Rio Tinto has announced a semi-annual dividend of $1.48 per share, with a strong dividend yield of 620.0% and a payout ratio of 69.15%.

Aigen Investment Management LP bought a new stake in Rio Tinto PLC (NYSE:RIO - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,649 shares of the mining company's stock, valued at approximately $460,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wayfinding Financial LLC acquired a new position in Rio Tinto in the first quarter valued at about $30,000. Pandora Wealth Inc. acquired a new position in Rio Tinto in the first quarter valued at about $30,000. Alpine Bank Wealth Management acquired a new position in Rio Tinto in the first quarter valued at about $30,000. Bfsg LLC boosted its position in shares of Rio Tinto by 5,754.5% during the first quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after buying an additional 633 shares during the period. Finally, Ameriflex Group Inc. acquired a new position in shares of Rio Tinto during the fourth quarter worth about $47,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Stock Performance

NYSE:RIO traded down $1.09 on Thursday, hitting $62.48. The company's stock had a trading volume of 2,376,919 shares, compared to its average volume of 3,432,659. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The stock has a fifty day moving average of $59.83 and a two-hundred day moving average of $60.33. The firm has a market capitalization of $78.36 billion, a P/E ratio of 9.69 and a beta of 0.64. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08.

Rio Tinto Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 25th. Shareholders of record on Friday, August 15th will be paid a $1.48 dividend. The ex-dividend date is Friday, August 15th. This represents a yield of 620.0%. Rio Tinto's dividend payout ratio is currently 69.15%.

Analysts Set New Price Targets

Several research firms have recently weighed in on RIO. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

About Rio Tinto

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.