QRG Capital Management Inc. Increases Holdings in Rio Tinto PLC $RIO

Key Points

• QRG Capital Management Inc. boosted its stake in Rio Tinto by 39.4% in Q4, adding 22,893 shares to hold 80,940 shares worth about $6.48 million.
• Rio Tinto recently paid a dividend of $2.54 per share (record date March 6, paid April 16).
• Wall Street consensus is a Hold with a $101.75 price target (four Buy vs. eleven Hold), and the stock opened at $100.52 with 50-day and 200-day moving averages of $94.54 and $85.22 respectively.

QRG Capital Management Inc. boosted its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 39.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 80,940 shares of the mining company's stock after purchasing an additional 22,893 shares during the period. QRG Capital Management Inc.'s holdings in Rio Tinto were worth $6,478,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in RIO. Wealth Quarterback LLC grew its stake in shares of Rio Tinto by 1.8% in the fourth 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 stake in shares of Rio Tinto by 1.2% during the fourth quarter. IVC Wealth Advisors LLC now owns 10,963 shares of the mining company's stock valued at $877,000 after purchasing an additional 129 shares during the period. Mather Group LLC. boosted its stake in shares of Rio Tinto by 4.5% in the fourth quarter. Mather Group LLC. now owns 3,060 shares of the mining company's stock valued at $245,000 after purchasing an additional 132 shares during the period. American Capital Advisory LLC increased its stake in Rio Tinto by 1.0% during the 4th quarter. American Capital Advisory LLC now owns 13,492 shares of the mining company's stock worth $1,080,000 after buying an additional 132 shares during the period. Finally, Jaffetilchin Investment Partners LLC lifted its holdings in Rio Tinto by 2.4% in the 4th quarter. Jaffetilchin Investment Partners LLC now owns 5,736 shares of the mining company's stock worth $459,000 after buying an additional 137 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Stock Performance

NYSE:RIO opened at $100.52 on Wednesday. The business has a 50 day simple moving average of $94.54 and a 200 day simple moving average of $85.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. Rio Tinto PLC has a 12-month low of $55.64 and a 12-month high of $101.53.

Rio Tinto Dividend Announcement

The company also recently declared a dividend, which was paid on Thursday, April 16th. Stockholders 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%.

Wall Street Analyst Weigh In

RIO has been the subject of several recent analyst reports. Royal Bank Of Canada restated a "sector perform" rating on shares of Rio Tinto in a research note on Thursday, January 22nd. Zacks Research downgraded Rio Tinto from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 7th. Morgan Stanley lowered Rio Tinto from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, January 28th. Weiss Ratings upgraded Rio Tinto from a "hold (c)" rating to a "buy (b-)" rating in a report on Friday, February 20th. Finally, HSBC lowered Rio Tinto from a "buy" rating to a "hold" rating in a research report on Monday, January 26th. Four 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 presently has an average rating of "Hold" and a consensus price target of $101.75.

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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