Rio Tinto PLC $RIO Shares Sold by Eastern Bank

Eastern Bank lessened its stake in Rio Tinto PLC (NYSE:RIO) by 20.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,318 shares of the mining company’s stock after selling 348 shares during the quarter. Eastern Bank’s holdings in Rio Tinto were worth $77,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Alpine Bank Wealth Management purchased a new position in shares of Rio Tinto in the 1st quarter valued at about $30,000. 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. Bfsg LLC boosted its stake in shares of Rio Tinto by 5,754.5% in the 1st quarter. Bfsg LLC now owns 644 shares of the mining company’s stock valued at $39,000 after buying an additional 633 shares during the period. Finally, Hilltop National Bank purchased a new position in shares of Rio Tinto in the 2nd quarter valued at about $44,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RIO shares. Barclays reiterated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a research report on Wednesday. Berenberg Bank reissued a “hold” rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Three analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Trading Down 2.3%

RIO opened at $65.47 on Monday. The firm has a market cap of $82.10 billion, a price-to-earnings ratio of 10.15, a price-to-earnings-growth ratio of 4.59 and a beta of 0.66. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week high of $68.80. The business’s 50 day moving average is $63.16 and its two-hundred day moving average is $60.68. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

Rio Tinto Cuts Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Friday, August 15th. This represents a yield of 620.0%. Rio Tinto’s payout ratio is 45.74%.

Rio Tinto Company 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.