Dimensional Fund Advisors LP Has $116.51 Million Position in Rio Tinto PLC $RIO

Key Points

• Dimensional Fund Advisors LP increased its ownership in Rio Tinto PLC by 33.9%, acquiring 490,357 shares during the first quarter, resulting in a total of 1,938,247 shares owned.
• Rio Tinto announced a semi-annual dividend of $1.48 per share, with an ex-dividend date set for August 15th, 2023.
• Analyst ratings for Rio Tinto vary, with two analysts suggesting a Strong Buy, three a Buy, and four a Hold, leading to a consensus rating of Moderate Buy and a target price of $73.00.

Dimensional Fund Advisors LP grew its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 33.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,938,247 shares of the mining company's stock after buying an additional 490,357 shares during the quarter. Dimensional Fund Advisors LP owned 0.15% of Rio Tinto worth $116,510,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in RIO. Goldman Sachs Group Inc. grew its position in shares of Rio Tinto by 4.1% in the 1st 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 raised its holdings in 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 valued at $445,553,000 after acquiring an additional 7,406,400 shares during the period. Northern Trust Corp increased its stake 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 worth $94,275,000 after acquiring an additional 255,151 shares during the last quarter. Deutsche Bank AG boosted its holdings in shares of 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 worth $74,341,000 after purchasing an additional 1,263,203 shares during the period. Finally, Todd Asset Management LLC lifted its stake in shares of Rio Tinto by 0.3% during the 1st quarter. Todd Asset Management LLC now owns 1,071,017 shares of the mining company's stock worth $64,347,000 after acquiring an additional 2,835 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Wall Street Zen lowered Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $73.00.

Rio Tinto Stock Down 0.5%

Shares of Rio Tinto stock traded down $0.31 during trading hours on Monday, hitting $62.38. 1,937,597 shares of the company's stock traded hands, compared to its average volume of 3,371,392. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a twelve month low of $51.67 and a twelve month high of $72.08. The stock has a 50 day simple moving average of $60.10 and a 200-day simple moving average of $60.34. The company has a market cap of $78.23 billion, a PE ratio of 9.67 and a beta of 0.64.

Rio Tinto Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be given a $1.48 dividend. This represents a dividend yield of 620.0%. The ex-dividend date of this dividend is Friday, August 15th. Rio Tinto's dividend payout ratio (DPR) is 45.74%.

Rio Tinto 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.