Forum Financial Management LP Cuts Position in Rio Tinto PLC $RIO

Forum Financial Management LP decreased its holdings in Rio Tinto PLC (NYSE:RIO) by 29.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 5,853 shares of the mining company’s stock after selling 2,446 shares during the period. Forum Financial Management LP’s holdings in Rio Tinto were worth $341,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Pacific Heights Asset Management LLC lifted its holdings in shares of Rio Tinto by 8.3% during the 2nd quarter. Pacific Heights Asset Management LLC now owns 325,000 shares of the mining company’s stock valued at $18,957,000 after acquiring an additional 25,000 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of Rio Tinto during the 2nd quarter valued at $138,000. D.A. Davidson & CO. lifted its holdings in shares of Rio Tinto by 2.4% during the 2nd quarter. D.A. Davidson & CO. now owns 103,243 shares of the mining company’s stock valued at $6,022,000 after acquiring an additional 2,434 shares in the last quarter. Blume Capital Management Inc. lifted its holdings in shares of Rio Tinto by 1.0% during the 2nd quarter. Blume Capital Management Inc. now owns 67,743 shares of the mining company’s stock valued at $3,951,000 after acquiring an additional 685 shares in the last quarter. Finally, Cullen Frost Bankers Inc. lifted its holdings in shares of Rio Tinto by 59.0% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 168,017 shares of the mining company’s stock valued at $9,800,000 after acquiring an additional 62,370 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on RIO. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Berenberg Bank reiterated a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Finally, Barclays reiterated an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Three analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Rio Tinto presently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Stock Performance

Shares of Rio Tinto stock opened at $70.59 on Monday. The firm has a market cap of $88.53 billion, a PE ratio of 10.94, a price-to-earnings-growth ratio of 5.60 and a beta of 0.66. The firm’s 50-day simple moving average is $64.68 and its 200-day simple moving average is $61.53. 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 PLC has a 1 year low of $51.67 and a 1 year high of $71.24.

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 paid a $1.48 dividend. This represents a dividend yield of 620.0%. The ex-dividend date was Friday, August 15th.

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.