OneAscent Investment Solutions LLC Takes $878,000 Position in Rio Tinto PLC (NYSE:RIO)

Key Points

• OneAscent Investment Solutions LLC acquired a new position in Rio Tinto PLC worth approximately $878,000, making the stock its 16th largest holding.
• Several other institutional investors have recently increased their stakes in Rio Tinto, reflecting growing investor interest in the mining company.
• Rio Tinto's stock currently has an average rating of "Moderate Buy" from analysts, with a consensus price target of $73.00.

OneAscent Investment Solutions LLC bought a new position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 14,609 shares of the mining company's stock, valued at approximately $878,000. Rio Tinto makes up approximately 1.0% of OneAscent Investment Solutions LLC's portfolio, making the stock its 16th largest position.

Several other hedge funds have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd lifted its stake in Rio Tinto by 766.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 6,904 shares of the mining company's stock worth $415,000 after acquiring an additional 6,107 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in Rio Tinto by 8.9% during the 1st quarter. Russell Investments Group Ltd. now owns 49,226 shares of the mining company's stock worth $2,958,000 after acquiring an additional 4,024 shares in the last quarter. Todd Asset Management LLC lifted its stake in Rio Tinto by 0.3% during the 1st quarter. Todd Asset Management LLC now owns 1,071,017 shares of the mining company's stock worth $64,347,000 after acquiring an additional 2,835 shares in the last quarter. Independent Advisor Alliance lifted its stake in Rio Tinto by 3.5% during the 1st quarter. Independent Advisor Alliance now owns 41,061 shares of the mining company's stock worth $2,467,000 after acquiring an additional 1,399 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new position in Rio Tinto during the 1st quarter worth about $460,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Morgan Stanley reissued an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Wall Street Zen downgraded Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Finally, Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Stock Down 2.1%

Shares of RIO traded down $1.31 during mid-day trading on Friday, reaching $61.21. The company's stock had a trading volume of 2,137,741 shares, compared to its average volume of 3,422,999. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $72.08. The stock has a market cap of $76.76 billion, a PE ratio of 9.49 and a beta of 0.64. 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 company's 50 day moving average is $59.87 and its 200 day moving average is $60.34.

Rio Tinto Cuts Dividend

The firm also recently disclosed 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 dividend payout ratio is presently 69.15%.

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.