Wealth Management Partners LLC Makes New Investment in Rio Tinto PLC $RIO

Key Points

• Wealth Management Partners LLC has acquired 18,376 shares of Rio Tinto PLC, valued at approximately $1,060,000, marking a new position for the firm in the mining company.
• Rio Tinto recently declared a semi-annual dividend of $1.48 per share, representing a dividend yield of 620.0%.
• Analysts maintain a consensus rating of "Moderate Buy" for Rio Tinto, with a target price of $73.00, despite mixed ratings from different financial institutions.

Wealth Management Partners LLC purchased a new position in Rio Tinto PLC (NYSE:RIO - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 18,376 shares of the mining company's stock, valued at approximately $1,060,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amundi grew its holdings in shares of 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 buying an additional 159,636 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Rio Tinto by 24.2% in the first quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock valued at $242,000 after purchasing an additional 785 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Rio Tinto in the first quarter valued at about $357,000. Acadian Asset Management LLC grew its position in Rio Tinto by 37.9% in the 1st quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company's stock valued at $3,458,000 after buying an additional 15,839 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new stake in Rio Tinto in the first quarter valued at $251,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Rio Tinto Stock Performance

Shares of RIO stock traded up $0.29 on Friday, hitting $62.27. 3,477,480 shares of the stock were exchanged, compared to its average volume of 2,622,364. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08. The firm's 50 day moving average is $61.86 and its two-hundred day moving average is $60.35. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $78.10 billion, a PE ratio of 9.65 and a beta of 0.66.

Rio Tinto Cuts Dividend

The company also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Shareholders 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 payout ratio is 45.74%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Berenberg Bank reiterated a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Barclays restated an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Two investment 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 data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average 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.