Kingstone Capital Partners Texas LLC Acquires New Stake in Rio Tinto PLC $RIO

Key Points

• Kingstone Capital Partners Texas LLC has acquired a significant stake in Rio Tinto PLC, purchasing over 5 million shares valued at approximately $292.77 million, which represents about 0.40% of the company.
• Rio Tinto announced a semi-annual dividend of $1.48, with an impressive yield of 620%, scheduled for payment on September 25th.
• Analysts have mixed opinions on Rio Tinto, with ratings ranging from "Strong Buy" to "Hold" and an average price target of $73.00.

Kingstone Capital Partners Texas LLC bought a new stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 5,019,208 shares of the mining company's stock, valued at approximately $292,770,000. Kingstone Capital Partners Texas LLC owned 0.40% of Rio Tinto at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amundi raised its stake in Rio Tinto by 224.0% during the 1st quarter. Amundi now owns 230,891 shares of the mining company's stock valued at $13,491,000 after purchasing an additional 159,636 shares during the period. Farther Finance Advisors LLC raised its stake in Rio Tinto by 24.2% during the 1st quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock valued at $242,000 after purchasing an additional 785 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Rio Tinto during the 1st quarter valued at approximately $357,000. Acadian Asset Management LLC raised its stake in Rio Tinto by 37.9% during the 1st quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company's stock valued at $3,458,000 after purchasing an additional 15,839 shares during the period. Finally, Merit Financial Group LLC bought a new stake in Rio Tinto during the 1st quarter valued at approximately $251,000. Institutional investors own 19.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RIO. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $73.00.

Rio Tinto Trading Up 0.5%

Shares of Rio Tinto stock traded up $0.29 on Friday, reaching $62.27. The company had a trading volume of 3,477,480 shares, compared to its average volume of 2,646,921. The firm has a market cap of $78.10 billion, a price-to-earnings ratio of 9.65 and a beta of 0.66. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. The firm's 50-day moving average price is $61.86 and its two-hundred day moving average price is $60.37. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $72.08.

Rio Tinto Cuts Dividend

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

About Rio Tinto

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.