Earnest Partners LLC Purchases 44,727 Shares of Rio Tinto PLC $RIO

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 increased its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 3.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,372,590 shares of the mining company's stock after buying an additional 44,727 shares during the period. Earnest Partners LLC owned 0.11% of Rio Tinto worth $82,465,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Farther Finance Advisors LLC grew its holdings in shares of Rio Tinto by 24.2% during the first quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock valued at $242,000 after buying an additional 785 shares during the last quarter. Merit Financial Group LLC purchased a new position in Rio Tinto during the first quarter valued at approximately $251,000. Bessemer Group Inc. grew its stake in Rio Tinto by 61.8% during the first quarter. Bessemer Group Inc. now owns 5,195 shares of the mining company's stock valued at $312,000 after acquiring an additional 1,985 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in Rio Tinto by 3.1% during the first quarter. Stratos Wealth Partners LTD. now owns 12,903 shares of the mining company's stock valued at $775,000 after acquiring an additional 388 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Rio Tinto by 36.8% during the first quarter. GAMMA Investing LLC now owns 2,546 shares of the mining company's stock valued at $153,000 after acquiring an additional 685 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Stock Down 0.6%

NYSE RIO opened at $61.93 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The company has a fifty day moving average of $60.28 and a two-hundred day moving average of $60.35. The firm has a market capitalization of $77.66 billion, a price-to-earnings ratio of 9.60 and a beta of 0.64. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week high of $72.08.

Rio Tinto Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 25th. Investors of record on Friday, August 15th will be issued a $1.48 dividend. This represents a dividend yield of 620.0%. The ex-dividend date is Friday, August 15th. Rio Tinto's payout ratio is presently 45.74%.

Wall Street Analysts Forecast Growth

RIO has been the subject of a number of research reports. Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Berenberg Bank reiterated a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Two investment 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 company. According to MarketBeat, Rio Tinto presently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

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.

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