Chiron Capital Management LLC Acquires New Stake in Rio Tinto PLC $RIO

Key Points

• Chiron Capital Management LLC acquired a new stake in Rio Tinto PLC, purchasing 5,605 shares valued at approximately $337,000 during the first quarter.
• Rio Tinto's stock has shown volatility, opening at $62.70 with a one-year range between $51.67 and $72.08.
• The company has recently cut its dividend, announcing a $1.48 semi-annual payment with a yield reported at 620.0%.

Chiron Capital Management LLC acquired a new stake in Rio Tinto PLC (NYSE:RIO - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,605 shares of the mining company's stock, valued at approximately $337,000.

Several other large investors have also made changes to their positions in the business. Farther Finance Advisors LLC boosted its holdings in Rio Tinto by 24.2% in the first quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock valued at $242,000 after purchasing an additional 785 shares during the last quarter. Merit Financial Group LLC purchased a new stake in shares of Rio Tinto in the first quarter worth about $251,000. Bessemer Group Inc. boosted its position in Rio Tinto by 61.8% in the 1st 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 in the last quarter. Stratos Wealth Partners LTD. boosted its position in Rio Tinto by 3.1% in the 1st 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 in the last quarter. Finally, GAMMA Investing LLC boosted its position in Rio Tinto by 36.8% in the 1st quarter. GAMMA Investing LLC now owns 2,546 shares of the mining company's stock worth $153,000 after purchasing an additional 685 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Rio Tinto Trading Up 2.3%

Rio Tinto stock traded up $1.47 during trading on Friday, reaching $63.93. 3,215,339 shares of the company were exchanged, compared to its average volume of 3,287,666. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $72.08. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. The stock's 50 day simple moving average is $61.04 and its two-hundred day simple moving average is $60.36. The company has a market capitalization of $80.17 billion, a P/E ratio of 9.91 and a beta of 0.66.

Rio Tinto Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Thursday, September 25th. Shareholders of record on Friday, August 15th will be given a $1.48 dividend. The ex-dividend date is Friday, August 15th. This represents a yield of 620.0%. Rio Tinto's 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.