Rio Tinto PLC (RIO) to Issue Dividend of $2.11 on September 24th

Rio Tinto PLC (NYSE:RIO) announced a dividend on Wednesday, July 29th. Stockholders of record on Friday, August 14th will be given a dividend of 2.11 per share by the mining company on Thursday, September 24th. This represents a dividend yield of 438.0%. The ex-dividend date is Friday, August 14th.

Rio Tinto has decreased its dividend by an average of 0.0%annually over the last three years. Rio Tinto has a dividend payout ratio of 81.4% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Rio Tinto to earn $9.04 per share next year, which means the company should continue to be able to cover its $5.04 annual dividend with an expected future payout ratio of 55.8%.

Rio Tinto Trading Up 3.7%

Shares of NYSE:RIO opened at $97.13 on Friday. The company has a fifty day simple moving average of $97.69 and a 200 day simple moving average of $96.13. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. Rio Tinto has a 12-month low of $58.40 and a 12-month high of $112.58.

Institutional Investors Weigh In On Rio Tinto

Institutional investors have recently modified their holdings of the business. Cubist Systematic Strategies LLC bought a new position in shares of Rio Tinto during the first quarter valued at approximately $84,000. AQR Capital Management LLC lifted its holdings in shares of Rio Tinto by 78.4% in the 1st quarter. AQR Capital Management LLC now owns 12,087 shares of the mining company’s stock worth $726,000 after purchasing an additional 5,310 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Rio Tinto by 20.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 11,485 shares of the mining company’s stock valued at $690,000 after purchasing an additional 1,968 shares during the period. Empowered Funds LLC boosted its position in Rio Tinto by 5.8% during the 1st quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock valued at $317,000 after purchasing an additional 288 shares during the period. Finally, Focus Partners Wealth grew its stake in Rio Tinto by 16.7% during the 1st quarter. Focus Partners Wealth now owns 15,985 shares of the mining company’s stock worth $962,000 after buying an additional 2,285 shares during the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Company Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.