Synergy Asset Management LLC Takes $3.22 Million Position in Rio Tinto PLC $RIO

Key Points

• Synergy Asset Management LLC has entered a new position in Rio Tinto PLC, acquiring approximately $3.22 million worth of shares in the second quarter.
• Several institutional investors have significantly increased their stakes in Rio Tinto, including Auto Owners Insurance Co and Kingstone Capital Partners Texas LLC, highlighting strong interest in the company.
• Rio Tinto recently declared a $1.48 semi-annual dividend with a yield of 620.0%, despite a low dividend payout ratio of 45.74%.

Synergy Asset Management LLC purchased a new stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 55,184 shares of the mining company's stock, valued at approximately $3,219,000.

Several other institutional investors have also recently made changes to their positions in RIO. Auto Owners Insurance Co increased its stake in shares of Rio Tinto by 77,150.0% during the first 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. Kingstone Capital Partners Texas LLC purchased a new position in shares of Rio Tinto during the second quarter valued at $292,770,000. Dimensional Fund Advisors LP increased its stake in shares of Rio Tinto by 33.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company's stock valued at $116,510,000 after buying an additional 490,357 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Rio Tinto by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company's stock valued at $502,787,000 after buying an additional 326,661 shares during the period. Finally, Pacific Heights Asset Management LLC increased its stake in shares of Rio Tinto by 300.0% during the first quarter. Pacific Heights Asset Management LLC now owns 300,000 shares of the mining company's stock valued at $18,024,000 after buying an additional 225,000 shares during the period. Hedge funds and other institutional investors own 19.33% of the company's stock.

Rio Tinto Price Performance

Shares of NYSE RIO opened at $66.25 on Friday. 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 cap of $83.08 billion, a PE ratio of 10.27, a P/E/G ratio of 4.76 and a beta of 0.66. The business has a 50-day simple moving average of $62.51 and a two-hundred day simple moving average of $60.56. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $70.19.

Rio Tinto Cuts Dividend

The firm also recently declared a semi-annual dividend, which was paid on Thursday, September 25th. Shareholders of record on Friday, August 15th were issued a $1.48 dividend. This represents a yield of 620.0%. The ex-dividend date of this dividend was Friday, August 15th. Rio Tinto's dividend payout ratio (DPR) is currently 45.74%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Berenberg Bank reiterated a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Finally, Barclays reiterated an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Rio Tinto has an average rating of "Moderate Buy" and a consensus price target 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.

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