Whalen Wealth Management Inc. Takes $472,000 Position in Rio Tinto PLC $RIO

Whalen Wealth Management Inc. acquired a new stake in Rio Tinto PLC (NYSE:RIO) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,091 shares of the mining company’s stock, valued at approximately $472,000.

Other hedge funds have also made changes to their positions in the company. Wayfinding Financial LLC purchased a new position in shares of Rio Tinto in the 1st quarter valued at about $30,000. Pandora Wealth Inc. purchased a new position in shares of Rio Tinto in the 1st quarter valued at about $30,000. Hilltop National Bank purchased a new position in shares of Rio Tinto in the 2nd quarter valued at about $44,000. Resources Management Corp CT ADV purchased a new position in shares of Rio Tinto in the 1st quarter valued at about $48,000. Finally, Cary Street Partners Investment Advisory LLC increased its holdings in shares of Rio Tinto by 65.1% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 852 shares of the mining company’s stock valued at $51,000 after acquiring an additional 336 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Trading Up 1.4%

NYSE:RIO opened at $71.96 on Wednesday. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $72.20. The stock’s 50 day moving average price is $65.12 and its 200 day moving average price is $61.75. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53.

Rio Tinto Cuts Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Thursday, September 25th. Shareholders of record on Friday, August 15th were given a dividend of $1.48 per share. This represents a yield of 620.0%. The ex-dividend date of this dividend was Friday, August 15th.

Analysts Set New Price Targets

A number of research firms recently issued reports on RIO. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Barclays restated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Three analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price 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.