Ritholtz Wealth Management Has $885,000 Stock Position in Rio Tinto PLC $RIO

Ritholtz Wealth Management lowered its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 74.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 15,174 shares of the mining company’s stock after selling 43,744 shares during the period. Ritholtz Wealth Management’s holdings in Rio Tinto were worth $885,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Amundi grew its stake in Rio Tinto by 224.0% during the first quarter. Amundi now owns 230,891 shares of the mining company’s stock worth $13,491,000 after purchasing an additional 159,636 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Rio Tinto in the first quarter worth approximately $357,000. Acadian Asset Management LLC boosted its holdings in Rio Tinto by 37.9% in the first quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company’s stock worth $3,458,000 after acquiring an additional 15,839 shares in the last quarter. Central Valley Advisors LLC bought a new position in Rio Tinto in the second quarter worth approximately $1,530,000. Finally, Bessemer Group Inc. boosted its holdings in Rio Tinto by 61.8% in the first quarter. Bessemer Group Inc. now owns 5,195 shares of the mining company’s stock worth $312,000 after acquiring an additional 1,985 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Stock Down 0.9%

RIO stock opened at $68.12 on Friday. Rio Tinto PLC has a twelve month low of $51.67 and a twelve month high of $69.30. 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 stock’s 50 day moving average is $63.95 and its 200-day moving average is $60.95. The firm has a market capitalization of $85.43 billion, a PE ratio of 10.56, a P/E/G ratio of 5.44 and a beta of 0.66.

Rio Tinto Cuts Dividend

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on RIO. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Berenberg Bank reiterated a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Finally, Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Three research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Profile

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.