ETRADE Capital Management LLC Raises Position in Rio Tinto plc (RIO)
ETRADE Capital Management LLC increased its stake in shares of Rio Tinto plc (NYSE:RIO) by 30.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,968 shares of the mining company’s stock after buying an additional 2,760 shares during the period. ETRADE Capital Management LLC’s holdings in Rio Tinto were worth $633,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of RIO. Van ECK Associates Corp lifted its position in Rio Tinto by 237.3% during the 3rd quarter. Van ECK Associates Corp now owns 1,280,538 shares of the mining company’s stock worth $60,429,000 after buying an additional 900,859 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Rio Tinto by 124.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,092,553 shares of the mining company’s stock worth $51,543,000 after buying an additional 605,170 shares in the last quarter. Jennison Associates LLC lifted its position in Rio Tinto by 35.7% during the 3rd quarter. Jennison Associates LLC now owns 2,139,716 shares of the mining company’s stock valued at $100,973,000 after purchasing an additional 563,461 shares during the period. Dimensional Fund Advisors LP lifted its position in Rio Tinto by 16.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,503,490 shares of the mining company’s stock valued at $118,140,000 after purchasing an additional 353,835 shares during the period. Finally, Eaton Vance Management lifted its position in Rio Tinto by 75.2% during the 4th quarter. Eaton Vance Management now owns 790,941 shares of the mining company’s stock valued at $41,864,000 after purchasing an additional 339,489 shares during the period. Institutional investors and hedge funds own 7.18% of the company’s stock.
A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. downgraded shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Thursday, December 14th. Citigroup restated a “buy” rating on shares of Rio Tinto in a research report on Tuesday, December 5th. Argus upped their target price on shares of Rio Tinto to $61.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Jefferies Group set a $69.00 target price on shares of Rio Tinto and gave the company a “buy” rating in a research report on Thursday, February 15th. Finally, Zacks Investment Research downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. Rio Tinto currently has an average rating of “Hold” and an average target price of $59.07.
The company also recently declared a semiannual dividend, which will be paid on Thursday, April 12th. Investors of record on Friday, March 2nd will be given a $1.7955 dividend. This represents a dividend yield of 6.68%. This is an increase from Rio Tinto’s previous semiannual dividend of $1.26. The ex-dividend date of this dividend is Thursday, March 1st. Rio Tinto’s dividend payout ratio (DPR) is currently 56.84%.
Rio Tinto announced that its Board of Directors has authorized a share repurchase plan on Wednesday, February 7th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the mining company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Rio Tinto Company Profile
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.
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