Pitcairn Co. bought a new stake in Rio Tinto plc ADR (NYSE:RIO) in the 2nd quarter, Holdings Channel.com reports. The fund bought 6,720 shares of the mining company’s stock, valued at approximately $377,000.
A number of other institutional investors also recently bought and sold shares of RIO. TFG Advisers LLC acquired a new stake in Rio Tinto in the 4th quarter valued at approximately $26,000. Harbor Investment Advisory LLC acquired a new stake in Rio Tinto in the 1st quarter valued at approximately $27,000. Ballast Advisors LLC acquired a new stake in Rio Tinto in the 1st quarter valued at approximately $29,000. Solstein Capital LLC acquired a new stake in Rio Tinto in the 1st quarter valued at approximately $39,000. Finally, WASHINGTON TRUST Co acquired a new stake in Rio Tinto in the 1st quarter valued at approximately $61,000. Hedge funds and other institutional investors own 7.51% of the company’s stock.
Several analysts recently weighed in on RIO shares. BNP Paribas downgraded shares of Rio Tinto from an “outperform” rating to a “neutral” rating in a report on Friday, June 5th. Investec downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Thursday. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Rio Tinto in a research report on Thursday. Royal Bank of Canada raised shares of Rio Tinto from an “underperform” rating to a “sector perform” rating in a research report on Wednesday, July 8th. Finally, Morgan Stanley reissued an “equal weight” rating on shares of Rio Tinto in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Rio Tinto has an average rating of “Hold” and a consensus target price of $64.50.
Rio Tinto stock opened at $61.04 on Friday. The company has a fifty day simple moving average of $58.39 and a 200-day simple moving average of $52.12. Rio Tinto plc ADR has a 12-month low of $35.35 and a 12-month high of $62.94. The company has a quick ratio of 1.24, a current ratio of 1.61 and a debt-to-equity ratio of 0.31.
The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 17th. Stockholders of record on Friday, August 7th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Thursday, August 6th. This represents a dividend yield of 6.3%. Rio Tinto’s dividend payout ratio (DPR) is currently 72.99%.
About Rio Tinto
Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.
Further Reading: Gross Domestic Product (GDP)
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