Cidel Asset Management Inc. Increases Stock Holdings in Rio Tinto PLC $RIO

Key Points

• Cidel Asset Management doubled its Rio Tinto holdings in the second quarter, acquiring 121,537 additional shares for a total of 241,718 shares valued at approximately $22.9 million.
• Rio Tinto shares opened at $103.87, above the company’s consensus analyst price target of $101.62. Analysts’ overall consensus rating remains “Hold,” despite several recent rating upgrades and downgrades.
• The company declared a dividend of $2.11 per share, payable September 24 to shareholders of record on August 14. Institutional investors collectively own 19.33% of Rio Tinto’s stock.

Cidel Asset Management Inc. raised its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 101.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 241,718 shares of the mining company's stock after acquiring an additional 121,537 shares during the quarter. Rio Tinto makes up 1.1% of Cidel Asset Management Inc.'s investment portfolio, making the stock its 25th largest position. Cidel Asset Management Inc.'s holdings in Rio Tinto were worth $22,946,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. NorthRock Partners LLC lifted its position in shares of Rio Tinto by 19.1% in the second quarter. NorthRock Partners LLC now owns 2,624 shares of the mining company's stock valued at $249,000 after acquiring an additional 420 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in Rio Tinto by 5.6% during the second quarter. Integrated Wealth Concepts LLC now owns 35,785 shares of the mining company's stock worth $3,397,000 after buying an additional 1,901 shares during the period. IFP Advisors Inc increased its stake in shares of Rio Tinto by 2.0% during the 2nd quarter. IFP Advisors Inc now owns 15,267 shares of the mining company's stock valued at $1,449,000 after acquiring an additional 299 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Rio Tinto by 88.1% in the 2nd quarter. Baird Financial Group Inc. now owns 9,681 shares of the mining company's stock valued at $919,000 after purchasing an additional 4,534 shares during the last quarter. Finally, Sterling Investment Advisors Ltd. raised its position in shares of Rio Tinto by 4.9% in the 2nd quarter. Sterling Investment Advisors Ltd. now owns 2,720 shares of the mining company's stock worth $258,000 after buying an additional 127 shares during the period. Hedge funds and other institutional investors own 19.33% of the company's stock.

Rio Tinto Stock Up 0.6%

NYSE:RIO opened at $103.87 on Wednesday. The firm has a 50-day moving average of $97.23 and a two-hundred day moving average of $97.97. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. Rio Tinto PLC has a 1-year low of $61.72 and a 1-year high of $112.58.

Rio Tinto Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, September 24th. Shareholders of record on Friday, August 14th will be issued a dividend of $2.11 per share. The ex-dividend date is Friday, August 14th. This represents a yield of 441.0%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Erste Group Bank cut Rio Tinto from a "buy" rating to a "hold" rating in a report on Thursday, August 27th. Zacks Research raised shares of Rio Tinto from a "strong sell" rating to a "hold" rating in a research note on Wednesday, September 2nd. DZ Bank raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 29th. Berenberg Bank set a $113.00 price target on Rio Tinto in a report on Thursday, July 30th. Finally, Weiss Ratings upgraded Rio Tinto from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Rio Tinto presently has a consensus rating of "Hold" and a consensus target price of $101.62.

About Rio Tinto

Rio Tinto plc is a global mining and metals company with operations and projects spanning approximately 35 countries. Founded in 1873, the company operates through a dual-listed structure in the United Kingdom and Australia, with its American depositary receipts traded on the New York Stock Exchange under the symbol RIO.

The company explores, develops and produces a range of mineral resources. Its principal products include iron ore, aluminum, copper, lithium, borates, titanium dioxide feedstocks and diamonds.

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