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Russell Investments Group Ltd. Increases Position in Rio Tinto PLC (RIO)
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Several other hedge funds have also recently added to or reduced their stakes in RIO. UBS Asset Management Americas Inc. purchased a new stake in Rio Tinto PLC during the fourth quarter worth $119,000. CENTRAL TRUST Co boosted its stake in Rio Tinto PLC by 84.6% in the first quarter. CENTRAL TRUST Co now owns 5,089 shares of the mining company’s stock worth $207,000 after buying an additional 2,332 shares during the period. E&G Advisors LP purchased a new stake in Rio Tinto PLC during the first quarter worth $216,000. Capstone Asset Management Co. boosted its stake in Rio Tinto PLC by 2.3% in the first quarter. Capstone Asset Management Co. now owns 69,021 shares of the mining company’s stock worth $2,808,000 after buying an additional 1,570 shares during the period. Finally, Grassi Investment Management boosted its stake in Rio Tinto PLC by 2,071.1% in the first quarter. Grassi Investment Management now owns 151,975 shares of the mining company’s stock worth $6,182,000 after buying an additional 144,975 shares during the period. 7.22% of the stock is currently owned by institutional investors and hedge funds.
Shares of Rio Tinto PLC (NYSE:RIO) opened at 44.32 on Friday. Rio Tinto PLC has a 1-year low of $29.62 and a 1-year high of $48.03. The firm’s 50-day moving average is $45.08 and its 200-day moving average is $42.11. The stock has a market capitalization of $79.46 billion, a price-to-earnings ratio of 12.92 and a beta of 0.98.
The business also recently announced a None dividend, which will be paid on Thursday, September 21st. Stockholders of record on Friday, August 11th will be given a dividend of $1.10 per share. The ex-dividend date is Wednesday, August 9th.
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RIO has been the subject of a number of recent analyst reports. ValuEngine upgraded shares of Rio Tinto PLC from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. Axiom Securities reiterated a “sell” rating on shares of Rio Tinto PLC in a research report on Thursday, July 13th. BidaskClub lowered shares of Rio Tinto PLC from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 25th. Citigroup Inc. upgraded shares of Rio Tinto PLC from a “neutral” rating to a “buy” rating in a research report on Thursday, April 20th. Finally, Clarkson Capital reiterated a “buy” rating on shares of Rio Tinto PLC in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $41.80.
About Rio Tinto PLC
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.