QRG Capital Management Inc. Has $4.53 Million Stock Holdings in Rio Tinto PLC $RIO

QRG Capital Management Inc. lowered its position in shares of Rio Tinto PLC (NYSE:RIO) by 27.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 77,578 shares of the mining company’s stock after selling 29,433 shares during the quarter. QRG Capital Management Inc.’s holdings in Rio Tinto were worth $4,525,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of RIO. Ameritas Advisory Services LLC acquired a new position in shares of Rio Tinto in the 2nd quarter valued at $193,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in Rio Tinto by 56.5% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 7,774 shares of the mining company’s stock worth $453,000 after acquiring an additional 2,808 shares in the last quarter. Synergy Asset Management LLC acquired a new position in Rio Tinto in the second quarter valued at about $3,219,000. Hilltop National Bank acquired a new stake in shares of Rio Tinto during the second quarter worth about $44,000. Finally, Naples Global Advisors LLC raised its position in shares of Rio Tinto by 2.3% during the second quarter. Naples Global Advisors LLC now owns 103,863 shares of the mining company’s stock worth $6,058,000 after purchasing an additional 2,365 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RIO has been the subject of several research analyst reports. Barclays reiterated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Berenberg Bank reiterated a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research report on Monday, July 14th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rio Tinto in a research note on Saturday, September 27th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Stock Performance

Shares of RIO opened at $66.90 on Tuesday. The stock has a market capitalization of $83.90 billion, a price-to-earnings ratio of 10.37, a PEG ratio of 4.75 and a beta of 0.66. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $69.83. The firm has a fifty day simple moving average of $62.66 and a 200 day simple moving average of $60.56. 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 Cuts Dividend

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