Fortis Capital Advisors LLC Acquires New Stake in Rio Tinto PLC $RIO

Key Points

• Fortis Capital Advisors LLC acquired a new stake of 15,042 shares in Rio Tinto in the fourth quarter, valued at about $1.204 million; other institutional activity included Oak Harvest’s new ~$15.21 million stake and institutional investors now owning 19.33% of the company.
• Analyst coverage is mixed with a MarketBeat consensus rating of Hold and a consensus target price of $81.00 after several downgrades, with four analysts rating Buy and eleven rating Hold.
• Rio Tinto recently paid a dividend of $2.54 per share (record date March 6, paid April 16), which the article reports as a 564.0% yield.

Fortis Capital Advisors LLC acquired a new stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,042 shares of the mining company's stock, valued at approximately $1,204,000.

Several other hedge funds have also bought and sold shares of the stock. Oak Harvest Investment Services bought a new stake in Rio Tinto during the fourth quarter valued at about $15,210,000. Juncture Wealth Strategies LLC lifted its position in shares of Rio Tinto by 32.7% in the fourth quarter. Juncture Wealth Strategies LLC now owns 9,211 shares of the mining company's stock worth $737,000 after buying an additional 2,269 shares in the last quarter. Moran Wealth Management LLC lifted its position in shares of Rio Tinto by 6.8% in the fourth quarter. Moran Wealth Management LLC now owns 108,891 shares of the mining company's stock worth $8,715,000 after buying an additional 6,961 shares in the last quarter. Merit Financial Group LLC lifted its position in shares of Rio Tinto by 14.0% in the fourth quarter. Merit Financial Group LLC now owns 7,754 shares of the mining company's stock worth $621,000 after buying an additional 951 shares in the last quarter. Finally, Private Trust Co. NA lifted its position in shares of Rio Tinto by 26.1% in the fourth quarter. Private Trust Co. NA now owns 1,913 shares of the mining company's stock worth $153,000 after buying an additional 396 shares in the last quarter. Institutional investors own 19.33% of the company's stock.

Wall Street Analyst Weigh In

RIO has been the topic of a number of recent research reports. Zacks Research downgraded Rio Tinto from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 7th. DZ Bank cut Rio Tinto from a "strong-buy" rating to a "hold" rating in a research note on Friday, February 20th. Royal Bank Of Canada reaffirmed a "sector perform" rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Barclays cut Rio Tinto from an "overweight" rating to an "equal weight" rating in a research report on Tuesday, February 24th. Finally, Erste Group Bank raised Rio Tinto from a "hold" rating to a "buy" rating in a research report on Friday, January 23rd. Four equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $81.00.

Rio Tinto Stock Performance

Shares of RIO stock opened at $100.14 on Monday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. Rio Tinto PLC has a 1 year low of $55.64 and a 1 year high of $101.53. The business has a fifty day moving average of $94.23 and a 200 day moving average of $82.96.

Rio Tinto Announces Dividend

The business also recently disclosed a dividend, which was paid on Thursday, April 16th. Shareholders of record on Friday, March 6th were paid a dividend of $2.54 per share. The ex-dividend date was Friday, March 6th. This represents a dividend yield of 564.0%.

Rio Tinto Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company's activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.

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