G&S Capital LLC bought a new position in Rio Tinto plc (NYSE:RIO) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 11,783 shares of the mining company’s stock, valued at approximately $624,000.
Several other institutional investors have also modified their holdings of the company. TD Asset Management Inc. increased its holdings in Rio Tinto by 9.7% in the 3rd quarter. TD Asset Management Inc. now owns 11,878 shares of the mining company’s stock valued at $561,000 after acquiring an additional 1,051 shares during the last quarter. Dorsey & Whitney Trust CO LLC grew its stake in shares of Rio Tinto by 13.5% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 8,907 shares of the mining company’s stock worth $472,000 after buying an additional 1,060 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in shares of Rio Tinto by 2.1% in the 3rd quarter. Commerzbank Aktiengesellschaft FI now owns 55,415 shares of the mining company’s stock worth $2,615,000 after buying an additional 1,135 shares in the last quarter. Saturna Capital CORP grew its stake in shares of Rio Tinto by 15.8% in the 4th quarter. Saturna Capital CORP now owns 8,800 shares of the mining company’s stock worth $466,000 after buying an additional 1,200 shares in the last quarter. Finally, Lombard Odier Asset Management USA Corp boosted its stake in shares of Rio Tinto by 2.0% during the 4th quarter. Lombard Odier Asset Management USA Corp now owns 61,229 shares of the mining company’s stock worth $3,241,000 after purchasing an additional 1,229 shares during the period. Institutional investors and hedge funds own 7.20% of the company’s stock.
Shares of Rio Tinto plc (NYSE:RIO) traded up $0.13 during midday trading on Tuesday, reaching $51.75. 99,929 shares of the company were exchanged, compared to its average volume of 3,271,078. Rio Tinto plc has a 12-month low of $37.66 and a 12-month high of $59.25. The company has a current ratio of 1.71, a quick ratio of 1.40 and a debt-to-equity ratio of 0.30.
The business also recently disclosed a semiannual dividend, which will be paid on Thursday, April 12th. Shareholders of record on Friday, March 2nd will be given a dividend of $1.7955 per share. The ex-dividend date is Thursday, March 1st. This is a boost from Rio Tinto’s previous semiannual dividend of $1.26. This represents a yield of 6.68%.
Rio Tinto declared that its board has authorized a share 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 board believes its stock is undervalued.
A number of equities analysts recently commented on the stock. UBS reaffirmed a “buy” rating on shares of Rio Tinto in a research note on Monday, March 5th. Cowen reissued 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. HSBC lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Zacks Investment Research lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, Argus upped their price target on shares of Rio Tinto to $61.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $59.07.
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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