Aigen Investment Management LP Invests $404,000 in Rio Tinto Group (NYSE:RIO)

Aigen Investment Management LP acquired a new position in Rio Tinto Group (NYSE:RIO) during the second quarter, HoldingsChannel.com reports. The fund acquired 4,817 shares of the mining company’s stock, valued at approximately $404,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MV Capital Management Inc. acquired a new position in Rio Tinto Group during the second quarter worth $25,000. First National Bank of South Miami increased its holdings in shares of Rio Tinto Group by 409.7% in the first quarter. First National Bank of South Miami now owns 367 shares of the mining company’s stock valued at $28,000 after purchasing an additional 295 shares during the last quarter. Meeder Asset Management Inc. increased its holdings in shares of Rio Tinto Group by 208.5% in the first quarter. Meeder Asset Management Inc. now owns 401 shares of the mining company’s stock valued at $31,000 after purchasing an additional 271 shares during the last quarter. Stonebridge Capital Advisors LLC acquired a new position in shares of Rio Tinto Group in the first quarter valued at $33,000. Finally, Credit Agricole S A acquired a new position in shares of Rio Tinto Group in the first quarter valued at $39,000. Institutional investors and hedge funds own 8.01% of the company’s stock.

RIO has been the topic of several research reports. Morgan Stanley reiterated an “equal weight” rating on shares of Rio Tinto Group in a report on Tuesday, July 20th. Zacks Investment Research cut shares of Rio Tinto Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, September 9th. The Goldman Sachs Group raised shares of Rio Tinto Group from a “neutral” rating to a “buy” rating and set a $144.40 price objective for the company in a research report on Friday, July 16th. Jefferies Financial Group reaffirmed a “buy” rating and set a $112.00 price objective on shares of Rio Tinto Group in a research report on Monday, August 2nd. Finally, Berenberg Bank reaffirmed a “hold” rating on shares of Rio Tinto Group in a research report on Thursday, July 8th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $116.13.

RIO stock opened at $72.70 on Wednesday. The stock has a market capitalization of $90.71 billion, a P/E ratio of 9.44, a price-to-earnings-growth ratio of 1.45 and a beta of 0.59. The company has a current ratio of 2.13, a quick ratio of 1.77 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 12 month low of $55.39 and a 12 month high of $95.97. The firm has a 50-day moving average price of $80.22 and a 200-day moving average price of $82.91.

The company also recently disclosed a special dividend, which will be paid on Thursday, September 23rd. Stockholders of record on Friday, August 13th will be paid a $1.85 dividend. The ex-dividend date is Thursday, August 12th. This represents a dividend yield of 6.9%. This is an increase from Rio Tinto Group’s previous special dividend of $1.20. Rio Tinto Group’s dividend payout ratio is currently 97.66%.

Rio Tinto Group Company Profile

Rio Tinto Plc engages in the exploration, mining, and processing of mineral resources. It operates through the following business segments: Iron Ore, Aluminium, Copper and Diamonds, Energy and Minerals, and Other Operations. The Iron Ore segment supplies global seaborne iron ore trade. The Aluminium segment produces bauxite, alumina and primary aluminum.

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Institutional Ownership by Quarter for Rio Tinto Group (NYSE:RIO)

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