Rio Tinto PLC $RIO Position Boosted by Cidel Asset Management Inc.

Cidel Asset Management Inc. grew its position in shares of Rio Tinto PLC (NYSE:RIO) by 101.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 241,718 shares of the mining company’s stock after buying an additional 121,537 shares during the period. Rio Tinto comprises 1.1% of Cidel Asset Management Inc.’s portfolio, making the stock its 25th largest position. Cidel Asset Management Inc.’s holdings in Rio Tinto were worth $22,946,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Glen Eagle Advisors LLC increased its position in Rio Tinto by 32.2% in the fourth quarter. Glen Eagle Advisors LLC now owns 452 shares of the mining company’s stock worth $36,000 after buying an additional 110 shares during the period. Parkside Financial Bank & Trust boosted its holdings in Rio Tinto by 2.0% during the second quarter. Parkside Financial Bank & Trust now owns 5,865 shares of the mining company’s stock worth $557,000 after buying an additional 114 shares in the last quarter. Asset Allocation Strategies LLC increased its stake in Rio Tinto by 4.0% in the 2nd quarter. Asset Allocation Strategies LLC now owns 3,010 shares of the mining company’s stock worth $286,000 after purchasing an additional 117 shares in the last quarter. Trust Point Inc. raised its holdings in shares of Rio Tinto by 2.0% during the second quarter. Trust Point Inc. now owns 5,989 shares of the mining company’s stock valued at $569,000 after acquiring an additional 118 shares during the period. Finally, Americana Partners LLC grew its holdings in shares of Rio Tinto by 0.8% during the fourth quarter. Americana Partners LLC now owns 16,108 shares of the mining company’s stock valued at $1,289,000 after buying an additional 120 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RIO shares. Morgan Stanley started coverage on Rio Tinto in a research report on Monday, August 24th. They issued an “underweight” rating and a $90.00 price target for the company. Citigroup reaffirmed a “neutral” rating on shares of Rio Tinto in a report on Thursday, July 9th. Royal Bank Of Canada lowered shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a report on Wednesday, June 3rd. Weiss Ratings upgraded Rio Tinto from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, July 30th. Finally, DZ Bank upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Rio Tinto presently has a consensus rating of “Hold” and a consensus price target of $101.62.

Rio Tinto Price Performance

Shares of NYSE RIO opened at $103.87 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 0.93 and a debt-to-equity ratio of 0.29. Rio Tinto PLC has a 12 month low of $61.72 and a 12 month high of $112.58. The stock has a 50 day moving average of $97.23 and a 200-day moving average of $97.97.

Rio Tinto Dividend Announcement

The firm also recently declared a dividend, which will be paid on Thursday, September 24th. Shareholders of record on Friday, August 14th will be issued a dividend of $2.11 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a yield of 441.0%.

Rio Tinto Profile

Rio Tinto plc is a global mining and metals company with operations and projects spanning approximately 35 countries. Founded in 1873, the company operates through a dual-listed structure in the United Kingdom and Australia, with its American depositary receipts traded on the New York Stock Exchange under the symbol RIO.

The company explores, develops and produces a range of mineral resources. Its principal products include iron ore, aluminum, copper, lithium, borates, titanium dioxide feedstocks and diamonds.