Synovus Financial Corp Purchases New Stake in Rio Tinto PLC $RIO

Key Points

• Synovus Financial Corp has acquired a new stake in Rio Tinto PLC, purchasing 18,868 shares valued at approximately $1.134 million in the first quarter of the year.
• Rio Tinto recently announced a semi-annual dividend of $1.48 per share, with a significant dividend yield of 620.0%, though the company has also made moves to cut its dividend payouts.
• Several research analysts maintain a mixed outlook on Rio Tinto, with ratings ranging from "Strong Buy" to "Hold," and a consensus average price target of $73.00.

Synovus Financial Corp purchased a new position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 18,868 shares of the mining company's stock, valued at approximately $1,134,000.

Several other institutional investors also recently added to or reduced their stakes in the company. ICONIQ Capital LLC acquired a new position in Rio Tinto during the first quarter worth approximately $354,000. Campbell & CO Investment Adviser LLC increased its position in Rio Tinto by 2,600.2% during the first quarter. Campbell & CO Investment Adviser LLC now owns 100,905 shares of the mining company's stock worth $6,062,000 after buying an additional 97,168 shares during the period. Jump Financial LLC acquired a new position in Rio Tinto during the first quarter worth approximately $1,118,000. Smartleaf Asset Management LLC increased its position in Rio Tinto by 30.5% during the first quarter. Smartleaf Asset Management LLC now owns 7,555 shares of the mining company's stock worth $461,000 after buying an additional 1,766 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in Rio Tinto by 13.0% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 49,913 shares of the mining company's stock worth $2,999,000 after buying an additional 5,724 shares during the period. Institutional investors and hedge funds own 19.33% of the company's stock.

Rio Tinto Stock Performance

Shares of NYSE:RIO traded down $0.18 during trading on Monday, reaching $62.70. The company had a trading volume of 1,997,284 shares, compared to its average volume of 2,746,539. The firm has a market capitalization of $78.63 billion, a price-to-earnings ratio of 9.72 and a beta of 0.66. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. The stock's fifty day moving average price is $60.75 and its 200 day moving average price is $60.34. 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 firm also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Investors of record on Friday, August 15th will be paid a $1.48 dividend. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 620.0%. Rio Tinto's payout ratio is 45.74%.

Wall Street Analyst Weigh In

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