Dynamic Technology Lab Private Ltd Invests $357,000 in Rio Tinto PLC $RIO

Key Points

• Dynamic Technology Lab Private Ltd invested approximately $357,000 in Rio Tinto PLC, acquiring 5,940 shares during the first quarter.
• Several institutional investors, including Alpine Bank Wealth Management and Wayfinding Financial LLC, also acquired new positions in Rio Tinto, further indicating increased interest in the company.
• Rio Tinto's stock has seen a decline of 0.2% recently, with an average price target set at $73.00 by various analysts.

Dynamic Technology Lab Private Ltd acquired a new position in Rio Tinto PLC (NYSE:RIO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,940 shares of the mining company's stock, valued at approximately $357,000.

Several other hedge funds and other institutional investors have also modified their holdings of RIO. Alpine Bank Wealth Management acquired a new position in Rio Tinto in the 1st quarter valued at approximately $30,000. Wayfinding Financial LLC acquired a new position in Rio Tinto in the 1st quarter valued at approximately $30,000. Pandora Wealth Inc. acquired a new position in Rio Tinto in the 1st quarter valued at approximately $30,000. Bfsg LLC raised its holdings in Rio Tinto by 5,754.5% in the 1st quarter. Bfsg LLC now owns 644 shares of the mining company's stock valued at $39,000 after acquiring an additional 633 shares in the last quarter. Finally, Ameriflex Group Inc. acquired a new position in Rio Tinto in the 4th quarter valued at approximately $47,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Analysts Set New Price Targets

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

Rio Tinto Stock Down 0.2%

NYSE RIO opened at $62.39 on Friday. The firm has a market cap of $78.25 billion, a PE ratio of 9.67 and a beta of 0.66. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08. The stock's 50 day simple moving average is $61.50 and its 200 day simple moving average is $60.34. 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 declared a semi-annual dividend, which will be paid on Thursday, September 25th. Investors of record on Friday, August 15th will be given a dividend of $1.48 per share. The ex-dividend date is Friday, August 15th. This represents a yield of 620.0%. Rio Tinto's dividend payout ratio 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.

Want to see what other hedge funds are holding RIO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rio Tinto PLC (NYSE:RIO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.