TD Waterhouse Canada Inc. Raises Stock Position in Rio Tinto PLC $RIO

Key Points

• TD Waterhouse Canada increased its Rio Tinto stake by 43.2% in the second quarter, purchasing 30,373 additional shares for a total of 100,630 shares valued at approximately $9.4 million.
• Several other institutional investors also expanded their positions, with hedge funds and institutional investors collectively owning 19.33% of Rio Tinto shares.
• Rio Tinto shares opened at $103.21, while analysts have a consensus “Hold” rating and an average price target of $101.62; the company also declared a $2.11 dividend payable September 24 to eligible shareholders.

TD Waterhouse Canada Inc. boosted its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 43.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 100,630 shares of the mining company's stock after purchasing an additional 30,373 shares during the period. TD Waterhouse Canada Inc.'s holdings in Rio Tinto were worth $9,403,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in RIO. Arrowstreet Capital Limited Partnership grew its holdings in shares of Rio Tinto by 170.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,886,335 shares of the mining company's stock worth $311,023,000 after acquiring an additional 2,451,140 shares during the period. Milford Funds Ltd. purchased a new position in Rio Tinto in the fourth quarter worth about $93,143,000. Altshuler Shaham Ltd purchased a new position in Rio Tinto in the first quarter worth about $106,724,000. Deutsche Bank AG grew its stake in shares of Rio Tinto by 102.6% during the 4th quarter. Deutsche Bank AG now owns 2,216,935 shares of the mining company's stock valued at $177,421,000 after purchasing an additional 1,122,667 shares during the period. Finally, Natixis Advisors LLC increased its position in shares of Rio Tinto by 144.7% during the 4th quarter. Natixis Advisors LLC now owns 1,587,387 shares of the mining company's stock valued at $127,039,000 after purchasing an additional 938,687 shares during the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Stock Up 0.4%

Rio Tinto stock opened at $103.21 on Friday. The firm has a 50 day moving average of $96.87 and a 200 day moving average of $97.90. Rio Tinto PLC has a 12-month low of $61.72 and a 12-month high of $112.58. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.42 and a quick ratio of 0.93.

Rio Tinto Dividend Announcement

The company also recently declared a dividend, which will be paid on Thursday, September 24th. Shareholders of record on Friday, August 14th will be given a $2.11 dividend. This represents a dividend yield of 441.0%. The ex-dividend date is Friday, August 14th.

Analyst Upgrades and Downgrades

RIO has been the topic of a number of research reports. Argus raised shares of Rio Tinto to a "strong-buy" rating in a report on Thursday, August 20th. Bank of America cut shares of Rio Tinto from a "buy" rating to a "neutral" rating in a report on Friday, May 22nd. Royal Bank Of Canada downgraded shares of Rio Tinto from a "sector perform" rating to an "underperform" rating in a research report on Wednesday, June 3rd. Zacks Research upgraded shares of Rio Tinto from a "strong sell" rating to a "hold" rating in a research note on Wednesday. Finally, Morgan Stanley began coverage on shares of Rio Tinto in a research report on Monday, August 24th. They set an "underweight" rating and a $90.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $101.62.

About Rio Tinto

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company's activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.

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