Bank of Nova Scotia Takes $1.59 Million Position in Rio Tinto PLC (NYSE:RIO)

Bank of Nova Scotia purchased a new position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 26,450 shares of the mining company's stock, valued at approximately $1,589,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Rio Tinto during the fourth quarter worth $432,000. Russell Investments Group Ltd. increased its position in Rio Tinto by 5.1% during the fourth quarter. Russell Investments Group Ltd. now owns 45,202 shares of the mining company's stock worth $2,658,000 after acquiring an additional 2,200 shares during the period. FMR LLC raised its stake in Rio Tinto by 24.6% in the 4th quarter. FMR LLC now owns 1,721,690 shares of the mining company's stock worth $101,253,000 after purchasing an additional 339,924 shares in the last quarter. Cerity Partners LLC boosted its holdings in Rio Tinto by 1.9% in the 4th quarter. Cerity Partners LLC now owns 56,109 shares of the mining company's stock valued at $3,300,000 after purchasing an additional 1,031 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Rio Tinto by 113.7% during the 4th quarter. Renaissance Technologies LLC now owns 471,400 shares of the mining company's stock worth $27,723,000 after purchasing an additional 250,800 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Stock Performance

Shares of RIO stock opened at $60.79 on Friday. 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 firm has a fifty day simple moving average of $59.48 and a two-hundred day simple moving average of $60.29. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. The firm has a market capitalization of $76.23 billion, a PE ratio of 9.42 and a beta of 0.64.

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 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 presently 45.74%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Barclays reiterated an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Wall Street Zen cut Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, 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.

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