American Century Companies Inc. Has $16.83 Million Position in Rio Tinto PLC $RIO

Key Points

• American Century Companies Inc. raised its holdings in Rio Tinto PLC by 4.1%, acquiring an additional 10,977 shares, bringing their total to 280,047 shares valued at approximately $16.8 million.
• Several hedge funds significantly increased their positions in Rio Tinto, with Auto Owners Insurance Co. raising its stake by an extraordinary 77,150% during the same period.
• Deutsche Bank downgraded Rio Tinto shares from a "buy" to a "hold" rating, while the stock currently has an average price target of $73.00 according to analysts.

American Century Companies Inc. raised its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 4.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 280,047 shares of the mining company's stock after buying an additional 10,977 shares during the quarter. American Century Companies Inc.'s holdings in Rio Tinto were worth $16,825,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in RIO. Auto Owners Insurance Co increased its holdings in shares of Rio Tinto by 77,150.0% in the 1st quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company's stock valued at $445,553,000 after purchasing an additional 7,406,400 shares during the period. Deutsche Bank AG grew its holdings in Rio Tinto by 143,872.8% during the fourth quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company's stock valued at $74,341,000 after purchasing an additional 1,263,203 shares during the last quarter. Dynamo Internacional Gestao DE Recursos LTDA. grew its holdings in Rio Tinto by 119.2% during the fourth quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 129,804 shares of the mining company's stock valued at $2,423,000 after purchasing an additional 807,610 shares during the last quarter. Paloma Partners Management Co acquired a new position in Rio Tinto during the fourth quarter valued at approximately $40,032,000. Finally, Dimensional Fund Advisors LP grew its holdings in Rio Tinto by 33.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company's stock valued at $116,510,000 after purchasing an additional 490,357 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company's stock.

Analyst Upgrades and Downgrades

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

Rio Tinto Stock Up 1.3%

NYSE RIO traded up $0.80 during trading on Thursday, hitting $62.91. The stock had a trading volume of 1,965,607 shares, compared to its average volume of 3,321,052. The company has a market capitalization of $78.89 billion, a PE ratio of 9.75 and a beta of 0.64. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. The company's 50-day moving average price is $60.38 and its two-hundred day moving average price is $60.37. 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 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 dividend of $1.48 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a dividend yield of 620.0%. Rio Tinto's payout ratio is 45.74%.

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.