Synovus Financial Corp Acquires New Position 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 acquired a new stake in Rio Tinto PLC (NYSE:RIO - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,868 shares of the mining company's stock, valued at approximately $1,134,000.

A number of other hedge funds have also recently modified their holdings of the company. Wayfinding Financial LLC acquired a new position in Rio Tinto in the first quarter valued at about $30,000. Pandora Wealth Inc. acquired a new position in Rio Tinto in the first quarter valued at about $30,000. Alpine Bank Wealth Management acquired a new position in Rio Tinto in the first quarter valued at about $30,000. Bfsg LLC lifted its position in Rio Tinto by 5,754.5% in the first quarter. Bfsg LLC now owns 644 shares of the mining company's stock valued at $39,000 after buying an additional 633 shares during the last quarter. Finally, Ameriflex Group Inc. acquired a new position in Rio Tinto in the fourth quarter valued at about $47,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Rio Tinto Stock Down 0.6%

Shares of RIO opened at $61.93 on Wednesday. The stock has a market capitalization of $77.66 billion, a PE ratio of 9.60 and a beta of 0.64. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year 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's 50-day simple moving average is $60.28 and its 200-day simple moving average is $60.35.

Rio Tinto Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, September 25th. Investors of record on Friday, August 15th will be paid a dividend of $1.48 per share. This represents a dividend yield of 620.0%. The ex-dividend date is Friday, August 15th. Rio Tinto's dividend payout ratio is presently 45.74%.

Wall Street Analyst Weigh In

A number of research analysts have commented on RIO shares. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a "buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Two equities 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's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average 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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