Rio Tinto PLC $RIO Shares Acquired by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Rio Tinto PLC by 8.9%, owning a total of 49,226 shares valued at approximately $2.96 million.
• Rio Tinto announced a semi-annual dividend of $1.48 per share, leading to a dividend yield of 620.0%, with the payout set for September 25th.
• Analysts have mixed ratings on Rio Tinto's stock, with a majority offering a Moderate Buy average rating and a price target of $73.00.

Russell Investments Group Ltd. lifted its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 8.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 49,226 shares of the mining company's stock after buying an additional 4,024 shares during the quarter. Russell Investments Group Ltd.'s holdings in Rio Tinto were worth $2,958,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of RIO. Auto Owners Insurance Co raised its holdings 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 valued at $445,553,000 after buying an additional 7,406,400 shares during the period. Deutsche Bank AG raised its holdings 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 valued at $74,341,000 after buying an additional 1,263,203 shares during the period. Dynamo Internacional Gestao DE Recursos LTDA. raised its holdings 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 valued at $2,423,000 after buying an additional 807,610 shares during the period. Paloma Partners Management Co purchased a new stake in shares of Rio Tinto during the 4th quarter valued at about $40,032,000. Finally, Ameriprise Financial Inc. raised its holdings in shares of Rio Tinto by 169.4% during the 4th quarter. Ameriprise Financial Inc. now owns 619,494 shares of the mining company's stock valued at $36,428,000 after buying an additional 389,531 shares during the period. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RIO has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Barclays restated an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Finally, Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Stock Performance

Shares of RIO traded up $0.80 during mid-day trading on Thursday, hitting $62.91. The stock had a trading volume of 1,965,607 shares, compared to its average volume of 3,321,052. The company has a market cap of $78.89 billion, a PE ratio of 9.75 and a beta of 0.64. The company's fifty day simple moving average is $60.38 and its two-hundred day simple moving average is $60.37. 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.

Rio Tinto Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be given a $1.48 dividend. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 620.0%. Rio Tinto's dividend payout ratio (DPR) 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.