Rio Tinto PLC $RIO Stock Holdings Lifted 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 position in Rio Tinto PLC (NYSE:RIO - Free Report) by 8.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 49,226 shares of the mining company's stock after buying an additional 4,024 shares during the period. Russell Investments Group Ltd.'s holdings in Rio Tinto were worth $2,958,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new stake in shares of Rio Tinto in the 1st quarter worth $30,000. Wayfinding Financial LLC bought a new stake in shares of Rio Tinto in the 1st quarter worth $30,000. Pandora Wealth Inc. bought a new stake in shares of Rio Tinto in the 1st quarter worth $30,000. Bfsg LLC raised its stake 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 buying an additional 633 shares in the last quarter. Finally, Ameriflex Group Inc. acquired a new stake in shares of Rio Tinto during the fourth quarter worth $47,000. Institutional investors own 19.33% of the company's stock.

Rio Tinto Stock Down 0.3%

Shares of RIO stock traded down $0.18 on Friday, reaching $62.70. 1,997,284 shares of the company's stock traded hands, compared to its average volume of 2,782,409. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $72.08. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. The company has a market capitalization of $78.63 billion, a P/E ratio of 9.72 and a beta of 0.64. The business's 50 day moving average price is $60.64 and its two-hundred day moving average price is $60.37.

Rio Tinto Cuts Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be issued 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 currently 45.74%.

Analyst Upgrades and Downgrades

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

Rio Tinto 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.