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

Key Points

• Bank of Nova Scotia has invested $1.59 million in Rio Tinto PLC by acquiring 26,450 shares in the first quarter, according to a recent 13F filing.
• Rio Tinto's stock has recently been under scrutiny, with analysts issuing various ratings; the consensus rating is a "Moderate Buy" with an average price target of $73.00.
• The company is set to pay a semi-annual dividend of $1.48 per share on September 25th, representing a yield of 620.0%, although it has recently cut its dividend.

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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new stake in shares of Rio Tinto in the 1st quarter valued at $30,000. Wayfinding Financial LLC purchased a new stake in shares of Rio Tinto in the 1st quarter valued at approximately $30,000. Bfsg LLC increased its position 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 valued at $39,000 after purchasing an additional 633 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Rio Tinto in the 4th quarter valued at approximately $47,000. Finally, SJS Investment Consulting Inc. increased its holdings in shares of Rio Tinto by 577.9% in the 1st quarter. SJS Investment Consulting Inc. now owns 922 shares of the mining company's stock valued at $55,000 after acquiring an additional 786 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Wall Street Zen downgraded Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Barclays restated an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Berenberg Bank reiterated a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Price Performance

Shares of NYSE RIO traded up $1.15 during midday trading on Tuesday, hitting $63.29. The company had a trading volume of 1,306,298 shares, compared to its average volume of 3,370,527. 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 PLC has a twelve month low of $51.67 and a twelve month high of $72.08. The business has a 50-day simple moving average of $59.58 and a two-hundred day simple moving average of $60.28. The firm has a market capitalization of $79.37 billion, a price-to-earnings ratio of 9.82 and a beta of 0.64.

Rio Tinto Cuts Dividend

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

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.