Corient IA LLC Takes Position in Rio Tinto PLC $RIO

Key Points

• Corient IA LLC has purchased a new stake in Rio Tinto PLC, acquiring 7,000 shares valued at approximately $421,000, highlighting increased interest from hedge funds in the mining company.
• Multiple analysts have recently rated Rio Tinto, with Deutsche Bank downgrading its rating from "buy" to "hold" while Barclays maintained an "overweight" rating, indicating mixed market sentiments.
• Rio Tinto announced a semi-annual dividend of $1.48 per share, with a significant yield of 620.0%, showcasing the company's strong payout despite recent dividend cuts.

Corient IA LLC purchased a new stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 7,000 shares of the mining company's stock, valued at approximately $421,000.

Several other large investors also recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in shares of Rio Tinto by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company's stock worth $502,787,000 after buying an additional 326,661 shares during the period. Auto Owners Insurance Co increased its position in shares of Rio Tinto by 77,150.0% during the first quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company's stock worth $445,553,000 after buying an additional 7,406,400 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Rio Tinto by 33.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company's stock worth $116,510,000 after buying an additional 490,357 shares during the period. Northern Trust Corp increased its position in shares of Rio Tinto by 18.9% during the fourth quarter. Northern Trust Corp now owns 1,603,037 shares of the mining company's stock worth $94,275,000 after buying an additional 255,151 shares during the period. Finally, Deutsche Bank AG increased its position in shares of Rio Tinto by 143,872.8% during the fourth quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company's stock worth $74,341,000 after buying an additional 1,263,203 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RIO. Wall Street Zen cut shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Berenberg Bank reiterated a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a "buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Barclays restated an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Two 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. Based on data from MarketBeat.com, Rio Tinto has an average rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Stock Up 2.2%

Shares of NYSE RIO traded up $1.3460 during mid-day trading on Friday, reaching $62.6460. 2,686,827 shares of the company's stock traded hands, compared to its average volume of 3,347,706. The stock has a market cap of $78.57 billion, a P/E ratio of 9.71 and a beta of 0.64. The business has a 50-day simple moving average of $60.00 and a 200 day simple moving average of $60.35. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year 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.

Rio Tinto Cuts Dividend

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