Greenline Partners LLC Boosts Position in Rio Tinto PLC $RIO

Key Points

• Greenline Partners LLC raised its stake in Rio Tinto PLC by 4.8% during the first quarter, now holding 141,417 shares worth approximately $8.5 million.
• Various institutional investors have significantly increased their holdings in Rio Tinto, with Auto Owners Insurance Co boosting its stake by 77,150% in the first quarter.
• Analysts have mixed sentiments about Rio Tinto, with a consensus rating of "Moderate Buy" and an average price target of $73.00.

Greenline Partners LLC increased its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 4.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 141,417 shares of the mining company's stock after buying an additional 6,425 shares during the quarter. Rio Tinto accounts for approximately 1.2% of Greenline Partners LLC's holdings, making the stock its 21st biggest holding. Greenline Partners LLC's holdings in Rio Tinto were worth $8,496,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new position in shares of Rio Tinto in the first quarter valued at about $30,000. Wayfinding Financial LLC purchased a new position in Rio Tinto during the 1st quarter valued at about $30,000. Pandora Wealth Inc. bought a new position in Rio Tinto during the 1st quarter valued at approximately $30,000. Bfsg LLC lifted 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 worth $39,000 after buying an additional 633 shares during the period. Finally, Ameriflex Group Inc. bought a new stake in shares of Rio Tinto in the 4th quarter worth approximately $47,000. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Stock Performance

NYSE:RIO traded up $1.47 during mid-day trading on Friday, reaching $63.93. The company's stock had a trading volume of 3,215,339 shares, compared to its average volume of 2,390,944. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $72.08. The firm's fifty day moving average price is $61.14 and its two-hundred day moving average price is $60.34. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The stock has a market cap of $80.17 billion, a P/E ratio of 9.91 and a beta of 0.66.

Rio Tinto Cuts Dividend

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

Analyst Upgrades and Downgrades

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