13,896 Shares in Rio Tinto PLC $RIO Acquired by Eaton Financial Holdings Company LLC

Key Points

• Eaton Financial Holdings Company LLC purchased 13,896 shares of Rio Tinto PLC, valued at approximately $811,000, adding to a trend of institutional investment in the company during the 2nd quarter.
• Rio Tinto announced a semi-annual dividend of $1.48 per share, with a payout ratio of 45.74%, reflecting a yield of 620.0% for investors.
• Analysts have mixed ratings for Rio Tinto, with two strong buy ratings and an average target price of $73.00, despite Deutsche Bank downgrading its rating from buy to hold.

Eaton Financial Holdings Company LLC acquired a new stake in Rio Tinto PLC (NYSE:RIO - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,896 shares of the mining company's stock, valued at approximately $811,000.

Several other institutional investors have also added to or reduced their stakes in the company. Wealth Management Partners LLC acquired a new position in shares of Rio Tinto in the second quarter valued at about $1,060,000. Mitchell & Pahl Private Wealth LLC increased its stake in Rio Tinto by 5.4% during the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 14,363 shares of the mining company's stock worth $838,000 after acquiring an additional 741 shares during the period. BTC Capital Management Inc. lifted its position in shares of Rio Tinto by 3.9% during the 2nd quarter. BTC Capital Management Inc. now owns 30,328 shares of the mining company's stock valued at $1,769,000 after acquiring an additional 1,142 shares during the period. Farther Finance Advisors LLC lifted its position in Rio Tinto by 30.1% during the second quarter. Farther Finance Advisors LLC now owns 5,235 shares of the mining company's stock worth $305,000 after purchasing an additional 1,212 shares during the period. Finally, Bell Bank increased its stake in Rio Tinto by 15.9% in the second quarter. Bell Bank now owns 178,456 shares of the mining company's stock valued at $10,409,000 after acquiring an additional 24,420 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Price Performance

Shares of RIO opened at $63.66 on Tuesday. The firm has a market cap of $79.83 billion, a PE ratio of 9.87 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. The business's 50 day moving average price is $61.94 and its two-hundred day moving average price is $60.36. 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 announced a semi-annual dividend, which will be paid on Thursday, September 25th. Investors of record on Friday, August 15th will be paid a dividend of $1.48 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a yield of 620.0%. Rio Tinto's dividend payout ratio is currently 45.74%.

Analysts Set New Price Targets

RIO has been the subject of several recent analyst reports. Barclays restated an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Morgan Stanley reissued an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $73.00.

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.

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