Amundi Purchases 159,636 Shares of Rio Tinto PLC $RIO

Key Points

• Amundi increased its holdings in Rio Tinto PLC by 224.0% in the first quarter, now owning 230,891 shares valued at approximately $13.49 million.
• Wall Street analysts maintain a Moderate Buy rating for Rio Tinto, with two firms issuing a Strong Buy rating and a consensus target price of $73.00.
• The company recently declared a semi-annual dividend of $1.48 per share, with a dividend yield of 620.0%.

Amundi increased its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 224.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 230,891 shares of the mining company's stock after buying an additional 159,636 shares during the quarter. Amundi's holdings in Rio Tinto were worth $13,491,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Wayfinding Financial LLC acquired a new stake in Rio Tinto during the first quarter worth about $30,000. Pandora Wealth Inc. acquired a new stake in Rio Tinto during the first quarter valued at approximately $30,000. Alpine Bank Wealth Management acquired a new stake in Rio Tinto during the first quarter valued at approximately $30,000. Bfsg LLC boosted its holdings in shares of Rio Tinto by 5,754.5% in the 1st quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after acquiring an additional 633 shares in the last quarter. Finally, Ameriflex Group Inc. acquired a new position in shares of Rio Tinto in the 4th quarter worth approximately $47,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RIO. Morgan Stanley reissued an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Barclays restated 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. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Finally, Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Trading Down 0.2%

Shares of Rio Tinto stock traded down $0.15 on Friday, hitting $62.39. 2,463,553 shares of the company's stock traded hands, compared to its average volume of 2,554,711. The firm's 50-day moving average price is $61.43 and its two-hundred day moving average price is $60.34. The stock has a market capitalization of $78.25 billion, a PE ratio of 9.67 and a beta of 0.66. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08. 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 Cuts Dividend

The firm also recently announced 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. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 620.0%. Rio Tinto's payout ratio is presently 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.