Oak Harvest Investment Services Makes New $15.21 Million Investment in Rio Tinto PLC $RIO

Key Points

• Oak Harvest Investment Services opened a new position in Rio Tinto, acquiring 190,058 shares worth approximately $15.21 million, about 0.6% of its portfolio and its 12th largest holding.
• Rio Tinto recently paid a dividend of $2.54 per share on April 16 (the article reports a dividend yield of 564.0%).
• Analyst coverage is mixed: the stock has an average rating of "Hold" with an average target price of $81.00, after several recent upgrades and downgrades.

Oak Harvest Investment Services acquired a new position in Rio Tinto PLC (NYSE:RIO - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 190,058 shares of the mining company's stock, valued at approximately $15,210,000. Rio Tinto makes up approximately 0.6% of Oak Harvest Investment Services' investment portfolio, making the stock its 12th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Quarterback LLC raised its position in shares of Rio Tinto by 1.8% in the 4th quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company's stock valued at $523,000 after buying an additional 118 shares in the last quarter. IVC Wealth Advisors LLC raised its position in shares of Rio Tinto by 1.2% in the 4th quarter. IVC Wealth Advisors LLC now owns 10,963 shares of the mining company's stock valued at $877,000 after buying an additional 129 shares in the last quarter. Mather Group LLC. raised its position in shares of Rio Tinto by 4.5% in the 4th quarter. Mather Group LLC. now owns 3,060 shares of the mining company's stock valued at $245,000 after buying an additional 132 shares in the last quarter. Jaffetilchin Investment Partners LLC raised its position in shares of Rio Tinto by 2.4% in the 4th quarter. Jaffetilchin Investment Partners LLC now owns 5,736 shares of the mining company's stock valued at $459,000 after buying an additional 137 shares in the last quarter. Finally, Wedmont Private Capital raised its position in shares of Rio Tinto by 4.0% in the 4th quarter. Wedmont Private Capital now owns 3,780 shares of the mining company's stock valued at $321,000 after buying an additional 147 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company's stock.

Rio Tinto Price Performance

Shares of Rio Tinto stock opened at $100.14 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.44 and a debt-to-equity ratio of 0.33. The firm's 50 day moving average is $94.23 and its 200 day moving average is $82.72. Rio Tinto PLC has a 1 year low of $55.64 and a 1 year high of $101.53.

Rio Tinto Dividend Announcement

The business also recently declared a dividend, which was paid on Thursday, April 16th. Investors of record on Friday, March 6th were issued a dividend of $2.54 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a dividend yield of 564.0%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RIO. Morgan Stanley cut shares of Rio Tinto from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, January 28th. Erste Group Bank upgraded shares of Rio Tinto from a "hold" rating to a "buy" rating in a research report on Friday, January 23rd. Citigroup restated a "neutral" rating on shares of Rio Tinto in a research report on Monday. HSBC downgraded shares of Rio Tinto from a "buy" rating to a "hold" rating in a research note on Monday, January 26th. Finally, JPMorgan Chase & Co. lowered shares of Rio Tinto from an "overweight" rating to a "neutral" rating in a report on Monday, March 9th. Four equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $81.00.

Rio Tinto Company 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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