Rio Tinto PLC $RIO Shares Bought by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management Co Ltd. increased its stake in Rio Tinto PLC by 65.1% during the second quarter, holding 16,174 shares valued at approximately $943,000.
• Several other institutional investors also boosted their positions in Rio Tinto, with Amundi raising its holdings by 224.0% in the first quarter, now owning 230,891 shares worth about $13.5 million.
• Analysts maintain a consensus rating of Moderate Buy for Rio Tinto, with an average price target of $73.00.

LGT Fund Management Co Ltd. raised its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 65.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,174 shares of the mining company's stock after purchasing an additional 6,375 shares during the period. LGT Fund Management Co Ltd.'s holdings in Rio Tinto were worth $943,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Amundi raised its position in shares of Rio Tinto by 224.0% in the 1st quarter. Amundi now owns 230,891 shares of the mining company's stock valued at $13,491,000 after purchasing an additional 159,636 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Rio Tinto by 24.2% in the 1st quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock valued at $242,000 after purchasing an additional 785 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Rio Tinto in the 1st quarter valued at approximately $357,000. Acadian Asset Management LLC raised its position in shares of Rio Tinto by 37.9% in the 1st quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company's stock valued at $3,458,000 after purchasing an additional 15,839 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new position in shares of Rio Tinto in the 1st quarter valued at approximately $251,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rio Tinto in a research report on Saturday, September 27th. Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Barclays reiterated an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Finally, Berenberg Bank reiterated a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Price Performance

Shares of RIO opened at $66.03 on Friday. The company has a market cap of $82.82 billion, a P/E ratio of 10.24, a PEG ratio of 4.75 and a beta of 0.66. The stock has a fifty day moving average price of $62.56 and a 200 day moving average price of $60.55. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $69.92.

Rio Tinto Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Thursday, September 25th. Investors of record on Friday, August 15th were paid a dividend of $1.48 per share. This represents a yield of 620.0%. The ex-dividend date was Friday, August 15th. Rio Tinto's dividend payout ratio is presently 45.74%.

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.

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