Ascent Group LLC Invests $240,000 in Rio Tinto PLC $RIO

Ascent Group LLC acquired a new position in shares of Rio Tinto PLC (NYSE:RIO) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 3,987 shares of the mining company’s stock, valued at approximately $240,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Alpine Bank Wealth Management purchased a new position in shares of Rio Tinto during the first quarter worth $30,000. Wayfinding Financial LLC purchased a new position in shares of Rio Tinto during the first quarter worth $30,000. Pandora Wealth Inc. purchased a new position in shares of Rio Tinto during the first quarter worth $30,000. Bfsg LLC raised its holdings in shares of Rio Tinto by 5,754.5% during the first quarter. Bfsg LLC now owns 644 shares of the mining company’s stock worth $39,000 after purchasing an additional 633 shares during the last quarter. Finally, Ameriflex Group Inc. purchased a new position in shares of Rio Tinto during the fourth quarter worth $47,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on RIO. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a report on Monday, July 14th. Berenberg Bank reaffirmed a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Finally, Barclays reaffirmed an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Stock Down 0.2%

RIO opened at $62.39 on Friday. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $72.08. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. The company has a fifty day moving average of $61.50 and a two-hundred day moving average of $60.34. The stock has a market capitalization of $78.25 billion, a price-to-earnings ratio of 9.67 and a beta of 0.66.

Rio Tinto Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be given a $1.48 dividend. The ex-dividend date is Friday, August 15th. This represents a dividend yield of 620.0%. Rio Tinto’s dividend payout ratio (DPR) is 45.74%.

About Rio Tinto

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.