Rio Tinto PLC $RIO Shares Newly Acquired by Fig Financial Advisory Services Inc. ADV

Key Points

• Fig Financial Advisory Services acquired 15,262 Rio Tinto shares during the third quarter, valued at approximately $1.44 million. Institutional investors and hedge funds collectively own 19.33% of the company.
• Rio Tinto shares opened at $93.16, compared with a 52-week range of $65.35 to $112.58. The stock’s analyst consensus is “Hold”, with an average price target of $103.12.
• The company recently paid a $2.11 dividend, while analyst opinions remained mixed: some firms upgraded the stock, others downgraded it, and the overall ratings included two Strong Buys, four Buys, nine Holds, and one Sell.

Fig Financial Advisory Services Inc. ADV acquired a new position in Rio Tinto PLC (NYSE:RIO - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,262 shares of the mining company's stock, valued at approximately $1,437,000.

Several other hedge funds have also recently bought and sold shares of the business. Bank of America Corp DE boosted its holdings in shares of Rio Tinto by 6.6% during the 1st quarter. Bank of America Corp DE now owns 3,623,294 shares of the mining company's stock worth $338,017,000 after buying an additional 225,016 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Rio Tinto by 170.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company's stock valued at $311,023,000 after acquiring an additional 2,451,140 shares during the period. Altshuler Shaham Ltd bought a new stake in Rio Tinto during the first quarter valued at about $106,724,000. Milford Funds Ltd. acquired a new stake in shares of Rio Tinto in the fourth quarter valued at about $93,143,000. Finally, Renaissance Technologies LLC increased its stake in shares of Rio Tinto by 417.6% in the first quarter. Renaissance Technologies LLC now owns 965,800 shares of the mining company's stock worth $90,099,000 after purchasing an additional 779,200 shares during the period. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Stock Performance

Shares of Rio Tinto stock opened at $93.16 on Thursday. Rio Tinto PLC has a 52-week low of $65.35 and a 52-week high of $112.58. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93. The company's fifty day moving average price is $99.17 and its two-hundred day moving average price is $98.35.

Rio Tinto Announces Dividend

The firm also recently announced a dividend, which was paid on Thursday, September 24th. Investors 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 yield of 441.0%.

Analyst Ratings Changes

Several brokerages recently weighed in on RIO. Erste Group Bank downgraded Rio Tinto from a "buy" rating to a "hold" rating in a research note on Thursday, August 27th. Royal Bank Of Canada upgraded Rio Tinto from an "underperform" rating to a "sector perform" rating in a report on Tuesday. Sanford C. Bernstein raised their price objective on shares of Rio Tinto from $88.50 to $89.50 and gave the stock an "outperform" rating in a research note on Wednesday, September 9th. Morgan Stanley initiated coverage on shares of Rio Tinto in a research report on Monday, August 24th. They set an "underweight" rating and a $90.00 target price on the stock. Finally, The Goldman Sachs Group raised shares of Rio Tinto from a "neutral" rating to a "buy" rating in a report on Wednesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $103.12.

Rio Tinto Profile

Rio Tinto plc is a global mining and metals company that explores for, develops, and operates mineral resources. Its principal products include iron ore, aluminum, copper, lithium, borates, titanium dioxide feedstocks, and salt. The company supplies raw materials to industries such as construction, manufacturing, transportation, packaging, and renewable energy.

Rio Tinto's iron ore business is concentrated in Western Australia's Pilbara region, while its aluminum operations span bauxite mining, alumina refining, and aluminum smelting in several countries.

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