Rio Tinto PLC $RIO Shares Bought by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. has increased its holdings in Rio Tinto PLC by 6.7% during the first quarter, now owning 536,965 shares worth approximately $32.26 million.
• Several hedge funds have significantly boosted their stakes in Rio Tinto, with Auto Owners Insurance Co. increasing its stake by an astounding 77,150% in the same period.
• Wall Street analysts have downgraded Rio Tinto’s stock ratings recently, with an average rating of "Moderate Buy" and a price target of $73.00.

Raymond James Financial Inc. grew its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 6.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 536,965 shares of the mining company's stock after purchasing an additional 33,554 shares during the period. Raymond James Financial Inc.'s holdings in Rio Tinto were worth $32,261,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RIO. Auto Owners Insurance Co boosted its stake in shares of Rio Tinto by 77,150.0% during the 1st quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company's stock worth $445,553,000 after purchasing an additional 7,406,400 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of Rio Tinto by 143,872.8% during the 4th quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company's stock worth $74,341,000 after purchasing an additional 1,263,203 shares during the last quarter. Dynamo Internacional Gestao DE Recursos LTDA. boosted its stake in shares of Rio Tinto by 119.2% during the 4th quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 129,804 shares of the mining company's stock worth $2,423,000 after purchasing an additional 807,610 shares during the last quarter. Paloma Partners Management Co acquired a new stake in shares of Rio Tinto during the 4th quarter worth about $40,032,000. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Rio Tinto by 33.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company's stock worth $116,510,000 after purchasing an additional 490,357 shares during the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on RIO shares. Wall Street Zen cut shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Barclays reissued an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a "buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Finally, Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Rio Tinto has an average rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Trading Up 2.2%

Shares of RIO stock opened at $62.6460 on Friday. The stock has a market cap of $78.57 billion, a price-to-earnings ratio of 9.71 and a beta of 0.64. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $72.08. The firm's 50 day moving average price is $60.10 and its two-hundred day moving average price is $60.35.

Rio Tinto Cuts Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Shareholders of record on Friday, August 15th will be given a dividend of $1.48 per share. This represents a yield of 620.0%. The ex-dividend date of this dividend is Friday, August 15th. Rio Tinto's payout ratio is 45.74%.

Rio Tinto Company Profile

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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