Rio Tinto Ltd (ASX: RIO) shares are in the red on Tuesday, down 0.12% to $104.69 apiece.
It's possible that ASX mining investors are feeling glum today after BHP Group Ltd (ASX: BHP) reported a 17% decline in revenue in FY23 to US$53.8 billion.
The BHP share price is down 1.34% to $42.94 — its lowest level in six weeks.
Fortescue Metals Group Ltd (ASX: FMG) shares are also down by 0.12% to $20.40 apiece today.
Meantime, recent ASX lodgements reveal two Rio Tinto directors have been upping their personal stakes.
Let's review.
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2 directors buying up Rio Tinto shares
Let's start with newly appointed board member Susan Lloyd-Hurwitz.
Lloyd-Hurwitz joined the board on 1 June and made her first purchase on 3 August.
As we reported, the independent non-executive director spent almost $50,000 buying an initial parcel of 436 Rio Tinto shares. She bought them on-market for an average price of $114.52 per share.
A week later on 11 August, Lloyd-Hurwitz spent another almost $50,000 on 458 shares. They were also bought on-market for an average price of $108.99 per share.
Then on 17 August, she spent a similar amount buying 486 Rio Tinto shares on-market for an average price of $102.68 per share.
These three trades represent a favourable dollar-cost averaging exercise. Will there be more purchases? We'll just have to wait and see.
Fellow independent non-executive director Ben Wyatt has been trading as well this month.
He added 100 Rio Tinto shares to his existing parcel of 300 on 17 August.
Wyatt also bought his shares on-market at an average price of $103.2517.
Broker says buy
Goldman Sachs thinks Rio Tinto shares are in the buy zone due to a "compelling relative valuation."
The broker currently has a buy rating and a 12-month price target of $126.90.
Goldman predicts Rio Tinto will pay a fully franked annual dividend of US$4.05 or $6.31 in Aussie currency in FY24.
