ICONIQ Capital LLC Purchases New Holdings in Rio Tinto PLC $RIO

Key Points

• ICONIQ Capital LLC has made a new investment in Rio Tinto PLC, purchasing 5,891 shares valued at approximately $354,000 in the first quarter.
• Several hedge funds significantly increased their positions in Rio Tinto during the first quarter, with Campbell & CO Investment Adviser LLC boosting its stake by 2,600.2%.
• Across analyst ratings, Rio Tinto has received a consensus rating of "Moderate Buy" and a target price of $73.00, although some institutions have downgraded their ratings recently.

ICONIQ Capital LLC bought a new position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 5,891 shares of the mining company's stock, valued at approximately $354,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Campbell & CO Investment Adviser LLC raised its position in shares of Rio Tinto by 2,600.2% during the first quarter. Campbell & CO Investment Adviser LLC now owns 100,905 shares of the mining company's stock worth $6,062,000 after acquiring an additional 97,168 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Rio Tinto during the first quarter worth $1,118,000. Smartleaf Asset Management LLC increased its holdings in Rio Tinto by 30.5% in the first quarter. Smartleaf Asset Management LLC now owns 7,555 shares of the mining company's stock valued at $461,000 after purchasing an additional 1,766 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Rio Tinto by 13.0% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 49,913 shares of the mining company's stock valued at $2,999,000 after purchasing an additional 5,724 shares during the last quarter. Finally, Compound Planning Inc. increased its holdings in Rio Tinto by 58.4% in the first quarter. Compound Planning Inc. now owns 19,613 shares of the mining company's stock valued at $1,178,000 after purchasing an additional 7,230 shares during the last quarter. Institutional investors own 19.33% of the company's stock.

Rio Tinto Stock Down 0.3%

Shares of RIO stock traded down $0.18 on Friday, hitting $62.70. 1,997,284 shares of the stock were exchanged, compared to its average volume of 2,782,409. 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 firm has a market capitalization of $78.63 billion, a P/E ratio of 9.72 and a beta of 0.64. The business has a 50-day moving average of $60.64 and a 200 day moving average of $60.37. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two 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. Stockholders of record on Friday, August 15th will be given 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 dividend payout ratio is currently 45.74%.

Wall Street Analyst Weigh In

A number of research firms recently commented on RIO. Jefferies Financial Group reiterated 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 report on Monday, July 14th. Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Barclays reiterated an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Finally, Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. 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. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.