Charles Schwab Investment Management Inc. Acquires 18,781 Shares of Rio Tinto PLC $RIO

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Rio Tinto PLC by 22.9%, owning 100,669 shares worth approximately $6,048,000 as of its latest SEC filing.
• Other institutional investors also significantly boosted their holdings in Rio Tinto, with Auto Owners Insurance Co. increasing its stake by an astonishing 77,150.0% during the first quarter.
• The company announced a semi-annual dividend of $1.48 per share, with an ex-dividend date set for August 15, representing a generous yield of 620.0%.

Charles Schwab Investment Management Inc. lifted its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 22.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 100,669 shares of the mining company's stock after purchasing an additional 18,781 shares during the period. Charles Schwab Investment Management Inc.'s holdings in Rio Tinto were worth $6,048,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Goldman Sachs Group Inc. increased its stake in shares of Rio Tinto by 4.1% in the first quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company's stock worth $502,787,000 after purchasing an additional 326,661 shares during the period. Auto Owners Insurance Co raised its holdings in 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 acquiring an additional 7,406,400 shares in the last quarter. Northern Trust Corp raised its holdings in Rio Tinto by 18.9% in the 4th quarter. Northern Trust Corp now owns 1,603,037 shares of the mining company's stock valued at $94,275,000 after acquiring an additional 255,151 shares in the last quarter. Deutsche Bank AG raised its holdings in Rio Tinto by 143,872.8% in the 4th quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company's stock valued at $74,341,000 after acquiring an additional 1,263,203 shares in the last quarter. Finally, Natixis Advisors LLC raised its holdings in Rio Tinto by 2.9% in the 1st quarter. Natixis Advisors LLC now owns 785,750 shares of the mining company's stock valued at $47,208,000 after acquiring an additional 21,798 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on RIO shares. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Price Performance

Shares of RIO stock traded down $0.18 during trading hours on Monday, hitting $62.70. The company had a trading volume of 1,997,284 shares, compared to its average volume of 2,746,539. 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 $78.63 billion, a price-to-earnings ratio of 9.72 and a beta of 0.66. The firm's fifty day moving average is $60.64 and its 200 day moving average is $60.34. 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 disclosed a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be paid 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 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.