Rio Tinto PLC (NYSE:RIO) Declares Dividend of $2.11

Rio Tinto PLC (NYSE:RIO) declared a dividend on Wednesday, July 29th. Shareholders 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 yield of 438.0%. The ex-dividend date of this dividend 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 payout ratio of 81.4% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Rio Tinto to earn $9.16 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 55.0%.

Rio Tinto Stock Up 2.9%

Shares of NYSE RIO traded up $2.68 during midday trading on Thursday, reaching $96.34. The company’s stock had a trading volume of 1,932,340 shares, compared to its average volume of 3,219,365. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.44 and a quick ratio of 0.98. Rio Tinto has a fifty-two week low of $58.40 and a fifty-two week high of $112.58. The stock has a 50 day simple moving average of $97.84 and a 200-day simple moving average of $96.02.

Institutional Investors Weigh In On Rio Tinto

A number of institutional investors and hedge funds have recently modified their holdings of RIO. AdvisorNet Financial Inc boosted its holdings in shares of Rio Tinto by 160.2% during the first quarter. AdvisorNet Financial Inc now owns 294 shares of the mining company’s stock worth $27,000 after acquiring an additional 181 shares during the period. PFS Partners LLC bought a new position in shares of Rio Tinto during the fourth quarter worth approximately $28,000. Nvest Wealth Strategies Inc. acquired a new stake in Rio Tinto during the 4th quarter worth approximately $28,000. V Square Quantitative Management LLC acquired a new stake in Rio Tinto during the 1st quarter worth approximately $35,000. Finally, Costello Asset Management INC bought a new stake in Rio Tinto in the 1st quarter valued at $37,000. 19.33% of the stock is owned by institutional investors.

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.