Canal Insurance CO Buys 29,500 Shares of Rio Tinto PLC $RIO

Key Points

• Canal Insurance CO increased its stake in Rio Tinto PLC by 29.4% in Q2, acquiring an additional 29,500 shares, making its total holding approximately 130,000 shares valued at $7.58 million.
• Analysts have mixed opinions on Rio Tinto, with Zacks Research upgrading the stock to a strong-buy rating, while other firms have given it hold or overweight ratings, leading to a consensus rating of "Moderate Buy."
• Rio Tinto recently declared a semi-annual dividend of $1.48 per share, with a dividend yield of 620.0% and a payout ratio of 45.74% as of the latest report.

Canal Insurance CO increased its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 29.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,000 shares of the mining company's stock after buying an additional 29,500 shares during the quarter. Rio Tinto accounts for 1.7% of Canal Insurance CO's investment portfolio, making the stock its 19th largest holding. Canal Insurance CO's holdings in Rio Tinto were worth $7,583,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of RIO. Wayfinding Financial LLC purchased a new position in Rio Tinto during the 1st quarter worth $30,000. Pandora Wealth Inc. purchased a new stake in shares of Rio Tinto in the first quarter valued at about $30,000. Alpine Bank Wealth Management bought a new position in shares of Rio Tinto during the first quarter valued at about $30,000. Hilltop National Bank purchased a new position in Rio Tinto during the second quarter worth about $44,000. Finally, Resources Management Corp CT ADV purchased a new position in Rio Tinto during the first quarter worth about $48,000. 19.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Zacks Research upgraded shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Barclays reissued an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Three equities research 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 company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Price Performance

Rio Tinto stock opened at $69.80 on Thursday. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $70.12. 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 business's 50 day simple moving average is $64.33 and its 200 day simple moving average is $61.18. The company has a market cap of $87.53 billion, a price-to-earnings ratio of 10.82, a PEG ratio of 5.43 and a beta of 0.66.

Rio Tinto Cuts Dividend

The company also recently declared a semi-annual dividend, which was paid on Thursday, September 25th. Stockholders of record on Friday, August 15th were given a dividend of $1.48 per share. This represents a dividend yield of 620.0%. The ex-dividend date of this dividend was Friday, August 15th. Rio Tinto's dividend payout ratio is currently 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.

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