ICONIQ Capital LLC Makes New $354,000 Investment 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 purchased a new position in Rio Tinto PLC (NYSE:RIO - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,891 shares of the mining company's stock, valued at approximately $354,000.

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Barclays restated an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, Wall Street Zen downgraded shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Price Performance

Rio Tinto stock opened at $62.6460 on Monday. The company has a market cap of $78.57 billion, a price-to-earnings ratio of 9.71 and a beta of 0.64. The firm's fifty day moving average is $60.10 and its 200 day moving average is $60.34. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. 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 announced a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be paid a $1.48 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a dividend yield of 620.0%. Rio Tinto's dividend payout ratio is currently 45.74%.

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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