Rio Tinto PLC $RIO Shares Bought by Earnest Partners LLC

Key Points

• Earnest Partners LLC increased its stake in Rio Tinto PLC by 3.4%, acquiring an additional 44,727 shares, bringing its total ownership to 1,372,590 shares worth approximately $82.47 million.
• Rio Tinto recently announced a semi-annual dividend of $1.48, with a dividend yield of 620.0% and a payout ratio of 45.74%.
• Wall Street analysts have a consensus rating of "Moderate Buy" on Rio Tinto, with an average price target of $73.00.

Earnest Partners LLC lifted its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 3.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,372,590 shares of the mining company's stock after buying an additional 44,727 shares during the quarter. Earnest Partners LLC owned approximately 0.11% of Rio Tinto worth $82,465,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Auto Owners Insurance Co increased its position in Rio Tinto by 77,150.0% in the first quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company's stock worth $445,553,000 after purchasing an additional 7,406,400 shares during the last quarter. Deutsche Bank AG grew its holdings in Rio Tinto by 143,872.8% during the 4th quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company's stock worth $74,341,000 after acquiring an additional 1,263,203 shares in the last quarter. Dynamo Internacional Gestao DE Recursos LTDA. boosted its holdings in shares of Rio Tinto by 119.2% in the 4th quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 129,804 shares of the mining company's stock valued at $2,423,000 after buying an additional 807,610 shares in the last quarter. Paloma Partners Management Co bought a new stake in shares of Rio Tinto in the 4th quarter valued at about $40,032,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Rio Tinto by 33.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company's stock valued at $116,510,000 after buying an additional 490,357 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company's stock.

Rio Tinto Price Performance

Rio Tinto stock traded down $0.18 during trading on Monday, reaching $62.70. The company had a trading volume of 1,997,284 shares, compared to its average volume of 2,746,539. The firm's 50-day simple moving average is $60.64 and its 200 day simple moving average is $60.34. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $72.08. The firm has a market capitalization of $78.63 billion, a PE ratio of 9.72 and a beta of 0.66. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53.

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 paid a dividend of $1.48 per share. This represents a yield of 620.0%. The ex-dividend date of this dividend is Friday, August 15th. Rio Tinto's payout ratio is 45.74%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RIO. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a "buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Rio Tinto presently has an average rating of "Moderate Buy" and an average target price of $73.00.

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.