Purkiss Capital Advisors LLC Makes New $202,000 Investment in Rio Tinto PLC $RIO

Purkiss Capital Advisors LLC purchased a new position in shares of Rio Tinto PLC (NYSE:RIO) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 3,458 shares of the mining company’s stock, valued at approximately $202,000.

Other institutional investors have also recently made changes to their positions in the company. Auto Owners Insurance Co boosted its stake in shares of Rio Tinto by 77,150.0% during the 1st quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company’s stock worth $445,553,000 after acquiring an additional 7,406,400 shares during the period. Kingstone Capital Partners Texas LLC bought a new position in shares of Rio Tinto during the 2nd quarter worth approximately $292,770,000. Dimensional Fund Advisors LP boosted its stake in shares of Rio Tinto by 33.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company’s stock worth $116,510,000 after acquiring an additional 490,357 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Rio Tinto by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company’s stock worth $502,787,000 after acquiring an additional 326,661 shares during the period. Finally, Pacific Heights Asset Management LLC boosted its stake in shares of Rio Tinto by 300.0% during the 1st quarter. Pacific Heights Asset Management LLC now owns 300,000 shares of the mining company’s stock worth $18,024,000 after acquiring an additional 225,000 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Berenberg Bank restated a “hold” rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Barclays restated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Price Performance

NYSE:RIO opened at $71.96 on Wednesday. The stock has a fifty day moving average price of $65.12 and a 200-day moving average price of $61.75. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $72.20.

Rio Tinto Cuts Dividend

The business also recently announced a semi-annual dividend, which was paid on Thursday, September 25th. Stockholders of record on Friday, August 15th were given a dividend of $1.48 per share. This represents a dividend yield of 620.0%. The ex-dividend date was Friday, August 15th.

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.