Advisor Partners LLC increased its holdings in shares of Rio Tinto plc (NYSE:RIO) by 36.6% during the first quarter, HoldingsChannel reports. The firm owned 5,348 shares of the mining company’s stock after buying an additional 1,432 shares during the period. Advisor Partners LLC’s holdings in Rio Tinto were worth $276,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hamel Associates Inc. bought a new position in shares of Rio Tinto during the first quarter valued at approximately $3,120,000. SG Americas Securities LLC boosted its stake in shares of Rio Tinto by 21.6% during the first quarter. SG Americas Securities LLC now owns 12,914 shares of the mining company’s stock valued at $665,000 after purchasing an additional 2,298 shares in the last quarter. Atria Investments LLC bought a new position in shares of Rio Tinto during the first quarter valued at approximately $216,000. Oppenheimer & Co. Inc. boosted its stake in shares of Rio Tinto by 203.7% during the first quarter. Oppenheimer & Co. Inc. now owns 38,880 shares of the mining company’s stock valued at $2,003,000 after purchasing an additional 26,077 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI boosted its stake in shares of Rio Tinto by 14.4% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 67,626 shares of the mining company’s stock valued at $3,485,000 after purchasing an additional 8,502 shares in the last quarter. Hedge funds and other institutional investors own 7.14% of the company’s stock.
Shares of RIO opened at $55.48 on Tuesday. Rio Tinto plc has a twelve month low of $37.66 and a twelve month high of $59.25. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.71 and a quick ratio of 1.40. The company has a market capitalization of $74.92 billion, a price-to-earnings ratio of 11.58 and a beta of 1.16.
Rio Tinto announced that its board has approved a stock buyback program on Wednesday, February 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the mining company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a semiannual dividend, which was paid on Thursday, April 12th. Stockholders of record on Friday, March 2nd were paid a dividend of $1.7955 per share. This is an increase from Rio Tinto’s previous semiannual dividend of $1.26. This represents a dividend yield of 6.68%. The ex-dividend date of this dividend was Thursday, March 1st. Rio Tinto’s payout ratio is presently 23.17%.
A number of equities analysts have recently issued reports on the stock. Barclays reiterated an “equal weight” rating on shares of Rio Tinto in a research note on Friday. Zacks Investment Research upgraded shares of Rio Tinto from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Tuesday, April 17th. BNP Paribas restated a “neutral” rating on shares of Rio Tinto in a research note on Friday, April 6th. Jefferies Group restated a “buy” rating and issued a $68.00 target price on shares of Rio Tinto in a research note on Monday, April 9th. Finally, UBS restated a “buy” rating on shares of Rio Tinto in a research note on Monday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $56.73.
Rio Tinto Company 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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