Jennison Associates LLC Grows Stock Position in Rio Tinto PLC $RIO

Key Points

• Jennison Associates LLC increased its stake in Rio Tinto by 56.6% in Q4, buying 67,683 shares to hold 187,269 shares worth about $14.99 million at quarter-end.
• Rio Tinto paid a dividend of $2.54 per share (ex-dividend March 6, paid April 16), which the article reports as representing a 564.0% yield.
• Analyst consensus is an average rating of “Hold” with an average target price of $101.75 (four Buy ratings and eleven Hold ratings noted).

Jennison Associates LLC lifted its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 56.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 187,269 shares of the mining company's stock after purchasing an additional 67,683 shares during the period. Jennison Associates LLC's holdings in Rio Tinto were worth $14,987,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. US Bancorp DE boosted its holdings in Rio Tinto by 8.6% in the fourth quarter. US Bancorp DE now owns 99,457 shares of the mining company's stock valued at $7,960,000 after purchasing an additional 7,862 shares during the period. Keybank National Association OH boosted its holdings in Rio Tinto by 16.7% in the fourth quarter. Keybank National Association OH now owns 36,014 shares of the mining company's stock valued at $2,882,000 after purchasing an additional 5,157 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new position in Rio Tinto in the fourth quarter valued at $174,000. American Capital Advisory LLC boosted its holdings in Rio Tinto by 1.0% in the fourth quarter. American Capital Advisory LLC now owns 13,492 shares of the mining company's stock valued at $1,080,000 after purchasing an additional 132 shares during the period. Finally, AMG National Trust Bank boosted its holdings in Rio Tinto by 26.4% in the fourth quarter. AMG National Trust Bank now owns 6,951 shares of the mining company's stock valued at $556,000 after purchasing an additional 1,450 shares during the period. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Stock Up 0.1%

Rio Tinto stock opened at $100.61 on Friday. Rio Tinto PLC has a 1-year low of $55.64 and a 1-year high of $101.53. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. The stock's fifty day moving average is $94.47 and its two-hundred day moving average is $84.88.

Rio Tinto Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RIO shares. Sanford C. Bernstein raised their price target on Rio Tinto from $82.00 to $83.50 and gave the company an "outperform" rating in a research note on Monday, April 27th. JPMorgan Chase & Co. cut Rio Tinto from an "overweight" rating to a "neutral" rating in a research note on Monday, March 9th. Royal Bank Of Canada restated a "sector perform" rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Citigroup restated a "neutral" rating on shares of Rio Tinto in a research note on Monday, April 13th. Finally, Barclays cut Rio Tinto from an "overweight" rating to an "equal weight" rating in a research note on Tuesday, February 24th. Four research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Rio Tinto currently has an average rating of "Hold" and an average target price of $101.75.

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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