Philip James Wealth Mangement LLC Reduces Position in Rio Tinto PLC $RIO

Philip James Wealth Mangement LLC lessened its stake in shares of Rio Tinto PLC (NYSE:RIO) by 1.0% in the second quarter, HoldingsChannel.com reports. The firm owned 23,067 shares of the mining company’s stock after selling 244 shares during the quarter. Philip James Wealth Mangement LLC’s holdings in Rio Tinto were worth $1,345,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Goldman Sachs Group Inc. boosted its stake in shares of Rio Tinto by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company’s stock valued at $502,787,000 after purchasing an additional 326,661 shares during the period. Auto Owners Insurance Co boosted its stake in shares of Rio Tinto by 77,150.0% during the first quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company’s stock valued at $445,553,000 after purchasing an additional 7,406,400 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Rio Tinto during the second quarter valued at approximately $292,770,000. Dimensional Fund Advisors LP boosted its stake in shares of Rio Tinto by 33.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company’s stock valued at $116,510,000 after purchasing an additional 490,357 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Rio Tinto by 3.8% during the first quarter. Northern Trust Corp now owns 1,663,964 shares of the mining company’s stock valued at $99,971,000 after purchasing an additional 60,927 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Stock Performance

Shares of RIO stock opened at $66.27 on Thursday. The stock has a fifty day moving average of $62.46 and a 200 day moving average of $60.54. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $83.12 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 4.74 and a beta of 0.66. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week high of $72.08.

Rio Tinto Cuts Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Thursday, September 25th. Shareholders of record on Friday, August 15th were issued a $1.48 dividend. The ex-dividend date was Friday, August 15th. This represents a yield of 620.0%. Rio Tinto’s dividend payout ratio is 45.74%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RIO shares. Barclays reissued an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Berenberg Bank reaffirmed a “hold” rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research note on Monday, July 14th. Finally, Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

About Rio Tinto

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.