Kingstone Capital Partners Texas LLC Buys Shares of 5,019,208 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 Rio Tinto PLC (NYSE:RIO - Free Report) during the 2nd quarter, according to its most recent 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 reporting period.

Several other large investors have also recently added to or reduced their stakes in RIO. Nomura Holdings Inc. increased its position in Rio Tinto by 85.7% in the 4th quarter. Nomura Holdings Inc. now owns 9,302 shares of the mining company's stock valued at $547,000 after acquiring an additional 4,292 shares during the period. Waverly Advisors LLC increased its position in Rio Tinto by 3.7% in the 4th quarter. Waverly Advisors LLC now owns 27,440 shares of the mining company's stock valued at $1,614,000 after acquiring an additional 987 shares during the period. Novem Group acquired a new stake in Rio Tinto in the 4th quarter valued at approximately $718,000. Vise Technologies Inc. increased its position in Rio Tinto by 4.9% in the 4th quarter. Vise Technologies Inc. now owns 14,606 shares of the mining company's stock valued at $859,000 after acquiring an additional 679 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC acquired a new stake in Rio Tinto in the 4th quarter valued at approximately $1,391,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Stock Down 0.2%

Shares of NYSE:RIO traded down $0.12 during midday trading on Tuesday, hitting $63.53. 807,848 shares of the stock were exchanged, compared to its average volume of 3,282,822. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $72.08. The business's fifty day simple moving average is $61.94 and its two-hundred day simple moving average is $60.36. The company has a market capitalization of $79.68 billion, a PE ratio of 9.84 and a beta of 0.66.

Rio Tinto Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 25th. Investors 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 is Friday, August 15th. Rio Tinto's dividend payout ratio (DPR) is currently 45.74%.

Analyst Upgrades and Downgrades

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

Rio Tinto Company 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.