Raymond James & Associates boosted its stake in shares of Rio Tinto plc (NYSE:RIO) by 8.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 520,785 shares of the mining company’s stock after purchasing an additional 42,674 shares during the period. Raymond James & Associates’ holdings in Rio Tinto were worth $27,565,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Zions Bancorporation boosted its position in Rio Tinto by 2,992.2% during the third quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock valued at $112,000 after purchasing an additional 2,304 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Rio Tinto by 212.1% in the second quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after buying an additional 2,166 shares during the last quarter. Advisor Partners LLC acquired a new stake in shares of Rio Tinto in the fourth quarter valued at approximately $219,000. Mackenzie Financial Corp acquired a new stake in shares of Rio Tinto in the fourth quarter valued at approximately $212,000. Finally, Boston Private Wealth LLC acquired a new stake in shares of Rio Tinto in the third quarter valued at approximately $207,000. 7.20% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on the company. BNP Paribas reaffirmed a “neutral” rating on shares of Rio Tinto in a research report on Friday. UBS reaffirmed a “buy” rating on shares of Rio Tinto in a research report on Monday, March 5th. Cowen reaffirmed a “market perform” rating and issued a $61.00 price objective (up from $54.00) on shares of Rio Tinto in a research report on Thursday, January 18th. Zacks Investment Research cut Rio Tinto from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, Argus raised their price objective on Rio Tinto to $61.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seven have issued a buy rating to the stock. Rio Tinto presently has an average rating of “Hold” and a consensus price target of $59.07.
Shares of NYSE RIO traded down $0.97 during trading hours on Friday, reaching $50.55. 2,545,130 shares of the stock were exchanged, compared to its average volume of 2,872,543. The firm has a market cap of $68,087.31, a P/E ratio of 10.55 and a beta of 1.14. The company has a current ratio of 1.71, a quick ratio of 1.40 and a debt-to-equity ratio of 0.30. Rio Tinto plc has a 52 week low of $37.66 and a 52 week high of $59.25.
The company also recently announced a semiannual dividend, which will be paid on Thursday, April 12th. Stockholders of record on Friday, March 2nd will be paid a dividend of $1.7955 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a dividend yield of 6.68%. This is a positive change from Rio Tinto’s previous semiannual dividend of $1.26. Rio Tinto’s dividend payout ratio (DPR) is 60.75%.
Rio Tinto declared that its Board of Directors has authorized a share buyback program on Wednesday, February 7th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the mining company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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Rio Tinto Profile
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
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