Rio Tinto PLC $RIO is Foresight Global Investors Inc.'s 7th Largest Position

Key Points

• Foresight Global Investors boosted its stake in Rio Tinto by 432.4% in Q3 to 193,014 shares—now 7.6% of its portfolio and the firm's 7th-largest holding, valued at $12.74 million.
• Rio Tinto declared a dividend of $2.54 per share, payable April 16 with a record (and ex-dividend) date of March 6.
• Analysts are mixed: the consensus rating is "Hold" with an average price target of $85, after a series of upgrades and downgrades from firms including DZ Bank, Barclays, Argus and Erste.

Foresight Global Investors Inc. boosted its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 432.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 193,014 shares of the mining company's stock after acquiring an additional 156,759 shares during the period. Rio Tinto comprises 7.6% of Foresight Global Investors Inc.'s investment portfolio, making the stock its 7th biggest holding. Foresight Global Investors Inc.'s holdings in Rio Tinto were worth $12,741,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Marshall Wace LLP purchased a new position in Rio Tinto in the second quarter valued at $49,089,000. Fisher Asset Management LLC increased its holdings in shares of Rio Tinto by 4.2% in the 2nd quarter. Fisher Asset Management LLC now owns 18,562,934 shares of the mining company's stock valued at $1,082,776,000 after acquiring an additional 752,505 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Rio Tinto by 555.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 524,602 shares of the mining company's stock worth $30,600,000 after acquiring an additional 444,602 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Rio Tinto by 198.3% during the second quarter. Tower Research Capital LLC TRC now owns 282,112 shares of the mining company's stock worth $16,456,000 after purchasing an additional 187,544 shares during the last quarter. Finally, QSM Asset Management Ltd acquired a new position in Rio Tinto in the third quarter valued at approximately $11,509,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Price Performance

NYSE:RIO opened at $93.41 on Friday. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. The firm's fifty day moving average price is $91.06 and its 200 day moving average price is $76.40. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $101.53.

Rio Tinto Announces Dividend

The company also recently declared a dividend, which will be paid on Thursday, April 16th. Stockholders of record on Friday, March 6th will be paid a dividend of $2.54 per share. This represents a dividend yield of 544.0%. The ex-dividend date is Friday, March 6th.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RIO. DZ Bank cut shares of Rio Tinto from a "strong-buy" rating to a "hold" rating in a report on Friday, February 20th. Zacks Research upgraded shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Monday, December 29th. Barclays cut shares of Rio Tinto from an "overweight" rating to an "equal weight" rating in a research report on Tuesday, February 24th. Argus raised their price objective on Rio Tinto from $70.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday, December 11th. Finally, Erste Group Bank raised Rio Tinto from a "hold" rating to a "buy" rating in a report on Friday, January 23rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $85.00.

Rio Tinto 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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