MKT Advisors LLC Boosts Holdings in Rio Tinto PLC $RIO

MKT Advisors LLC lifted its stake in shares of Rio Tinto PLC (NYSE:RIO) by 6.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,240 shares of the mining company’s stock after purchasing an additional 300 shares during the period. MKT Advisors LLC’s holdings in Rio Tinto were worth $305,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of RIO. Auto Owners Insurance Co increased its stake in 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 buying an additional 7,406,400 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in shares of Rio Tinto in the second quarter valued at approximately $292,770,000. Dimensional Fund Advisors LP boosted its stake in shares of Rio Tinto by 33.9% in the first 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 last quarter. Goldman Sachs Group Inc. increased its position in shares of Rio Tinto by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company’s stock worth $502,787,000 after purchasing an additional 326,661 shares in the last quarter. Finally, Pacific Heights Asset Management LLC raised its stake in Rio Tinto by 300.0% in the 1st quarter. Pacific Heights Asset Management LLC now owns 300,000 shares of the mining company’s stock valued at $18,024,000 after purchasing an additional 225,000 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Ratings Changes

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

Rio Tinto Stock Up 2.5%

Shares of NYSE RIO opened at $65.47 on Friday. The company has a market capitalization of $82.10 billion, a P/E ratio of 10.15 and a beta of 0.66. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. The company has a 50 day simple moving average of $62.23 and a 200-day simple moving average of $60.43. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $72.08.

Rio Tinto Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, September 25th. Shareholders of record on Friday, August 15th were given a $1.48 dividend. The ex-dividend date was Friday, August 15th. This represents a yield of 620.0%. Rio Tinto’s payout ratio is currently 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.