Rio Tinto PLC $RIO Shares Bought by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. increased its stake in Rio Tinto PLC by 17.7%, owning 729,088 shares valued at approximately $43.8 million as of the latest SEC filing.
• Several institutional investors also raised their stakes in Rio Tinto during the first quarter, indicating growing institutional interest in the mining company.
• Rio Tinto recently declared a semi-annual dividend of $1.48 per share, although this follows a cut in its dividend, highlighting some financial adjustments within the company.

Ameriprise Financial Inc. raised its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 17.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 729,088 shares of the mining company's stock after buying an additional 109,594 shares during the quarter. Ameriprise Financial Inc. owned about 0.06% of Rio Tinto worth $43,832,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of RIO. Farther Finance Advisors LLC lifted its stake in shares of Rio Tinto by 24.2% during the first quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock worth $242,000 after buying an additional 785 shares during the period. Merit Financial Group LLC acquired a new position in shares of Rio Tinto in the first quarter valued at about $251,000. Bessemer Group Inc. raised its stake in shares of Rio Tinto by 61.8% in the first quarter. Bessemer Group Inc. now owns 5,195 shares of the mining company's stock worth $312,000 after purchasing an additional 1,985 shares during the last quarter. Stratos Wealth Partners LTD. raised its stake in shares of Rio Tinto by 3.1% in the first quarter. Stratos Wealth Partners LTD. now owns 12,903 shares of the mining company's stock worth $775,000 after purchasing an additional 388 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Rio Tinto by 36.8% during the first quarter. GAMMA Investing LLC now owns 2,546 shares of the mining company's stock worth $153,000 after purchasing an additional 685 shares during the period. Hedge funds and other institutional investors own 19.33% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on RIO. Jefferies Financial Group reissued 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 report on Wednesday, July 2nd. Morgan Stanley reissued an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Rio Tinto currently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Price Performance

Shares of Rio Tinto stock traded up $0.44 during mid-day trading on Wednesday, reaching $62.33. 494,160 shares of the stock traded hands, compared to its average volume of 3,288,397. The stock has a market capitalization of $78.17 billion, a PE ratio of 9.65 and a beta of 0.66. The business has a 50-day moving average of $60.84 and a 200 day moving average of $60.35. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week 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 firm also recently announced a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders 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 dividend payout ratio is 45.74%.

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.