G&S Capital LLC acquired a new stake in shares of Rio Tinto plc (NYSE:RIO) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 11,783 shares of the mining company’s stock, valued at approximately $624,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Zions Bancorporation raised 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 acquiring an additional 2,304 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Rio Tinto by 212.1% during the second quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after purchasing an additional 2,166 shares during the last quarter. Boston Private Wealth LLC acquired a new position in Rio Tinto during the third quarter valued at approximately $207,000. Mackenzie Financial Corp acquired a new position in Rio Tinto during the fourth quarter valued at approximately $212,000. Finally, Advisor Partners LLC acquired a new position in Rio Tinto during the fourth quarter valued at approximately $219,000. 7.20% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have commented on RIO shares. JPMorgan Chase & Co. downgraded Rio Tinto from an “overweight” rating to a “neutral” rating in a report on Monday, November 13th. Citigroup reiterated a “buy” rating on shares of Rio Tinto in a report on Tuesday, December 5th. Zacks Investment Research downgraded Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, December 13th. HSBC downgraded Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, Cowen reiterated a “market perform” rating and set a $61.00 price target (up previously from $54.00) on shares of Rio Tinto in a report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $59.07.
Shares of Rio Tinto plc (NYSE RIO) opened at $52.40 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.40 and a current ratio of 1.71. Rio Tinto plc has a 52 week low of $37.66 and a 52 week high of $59.25.
The business also recently disclosed a semiannual dividend, which will be paid on Thursday, April 12th. Stockholders of record on Friday, March 2nd will be paid a $1.7955 dividend. This is an increase from Rio Tinto’s previous semiannual dividend of $1.26. The ex-dividend date is Thursday, March 1st. This represents a dividend yield of 6.68%.
Rio Tinto announced that its Board of Directors has initiated a stock repurchase program on Wednesday, February 7th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the mining company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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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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