QRG Capital Management Inc. Grows Stock Position in Rio Tinto PLC $RIO

Key Points

• QRG Capital Management increased its Rio Tinto stake by 16.4% in the second quarter, bringing its holdings to 110,510 shares valued at approximately $10.5 million. Other institutional investors also raised positions, with institutions and hedge funds owning 19.33% of the stock.
• Wall Street analysts remain cautious on Rio Tinto, with the stock carrying an average rating of “Hold” and an average price target of $103.12. Recent actions included downgrades from Erste Group Bank and Royal Bank of Canada.
• Rio Tinto shares opened at $94.43, below their 50-day and 200-day moving averages, while the company recently paid a $2.11 dividend to eligible shareholders.

QRG Capital Management Inc. lifted its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 16.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 110,510 shares of the mining company's stock after acquiring an additional 15,576 shares during the quarter. QRG Capital Management Inc.'s holdings in Rio Tinto were worth $10,491,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Miramontes Capital LLC raised its stake in Rio Tinto by 1.7% during the second quarter. Miramontes Capital LLC now owns 5,863 shares of the mining company's stock worth $557,000 after acquiring an additional 99 shares during the period. Tidal Investments LLC grew its holdings in shares of Rio Tinto by 17.9% during the second quarter. Tidal Investments LLC now owns 115,936 shares of the mining company's stock valued at $11,006,000 after purchasing an additional 17,597 shares during the last quarter. Engineers Gate Manager LP acquired a new position in Rio Tinto during the 2nd quarter valued at approximately $3,957,000. Cidel Asset Management Inc. boosted its position in Rio Tinto by 101.1% during the 2nd quarter. Cidel Asset Management Inc. now owns 241,718 shares of the mining company's stock valued at $22,946,000 after purchasing an additional 121,537 shares during the period. Finally, NorthRock Partners LLC increased its position in Rio Tinto by 19.1% in the second quarter. NorthRock Partners LLC now owns 2,624 shares of the mining company's stock worth $249,000 after buying an additional 420 shares during the period. 19.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RIO. Erste Group Bank cut Rio Tinto from a "buy" rating to a "hold" rating in a research note on Thursday, August 27th. Royal Bank Of Canada cut shares of Rio Tinto from a "sector perform" rating to an "underperform" rating in a research report on Wednesday, June 3rd. Zacks Research upgraded shares of Rio Tinto from a "strong sell" rating to a "hold" rating in a research note on Wednesday, September 2nd. Citigroup reaffirmed a "neutral" rating on shares of Rio Tinto in a report on Thursday, July 9th. Finally, Berenberg Bank set a $113.00 price objective on Rio Tinto in a report on Thursday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $103.12.

Rio Tinto Stock Down 0.9%

Shares of NYSE RIO opened at $94.43 on Friday. The stock has a fifty day moving average price of $98.63 and a two-hundred day moving average price of $98.05. The company has a quick ratio of 0.93, a current ratio of 1.42 and a debt-to-equity ratio of 0.29. Rio Tinto PLC has a 1 year low of $64.43 and a 1 year high of $112.58.

Rio Tinto Dividend Announcement

The firm also recently disclosed a dividend, which was paid on Thursday, September 24th. Stockholders of record on Friday, August 14th were paid a $2.11 dividend. The ex-dividend date of this dividend was Friday, August 14th. This represents a dividend yield of 441.0%.

About Rio Tinto

Rio Tinto plc is a global mining and metals company with operations and projects spanning approximately 35 countries. Founded in 1873, the company operates through a dual-listed structure in the United Kingdom and Australia, with its American depositary receipts traded on the New York Stock Exchange under the symbol RIO.

The company explores, develops and produces a range of mineral resources. Its principal products include iron ore, aluminum, copper, lithium, borates, titanium dioxide feedstocks and diamonds.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.