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

Other institutional investors have also recently bought and sold shares of the company. Mitchell & Pahl Private Wealth LLC grew its holdings in shares of Rio Tinto by 5.4% in the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 14,363 shares of the mining company's stock valued at $838,000 after buying an additional 741 shares during the period. BTC Capital Management Inc. raised its holdings in shares of Rio Tinto by 3.9% in the 2nd quarter. BTC Capital Management Inc. now owns 30,328 shares of the mining company's stock valued at $1,769,000 after purchasing an additional 1,142 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Rio Tinto by 30.1% in the 2nd quarter. Farther Finance Advisors LLC now owns 5,235 shares of the mining company's stock valued at $305,000 after purchasing an additional 1,212 shares during the period. Bell Bank raised its holdings in Rio Tinto by 15.9% in the 2nd 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 period. Finally, Kingstone Capital Partners Texas LLC acquired a new position in shares of Rio Tinto during the 2nd quarter worth approximately $292,770,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Analysts Set New Price Targets

RIO has been the subject of several research reports. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Finally, Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Rio Tinto has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Stock Performance

Shares of NYSE RIO traded down $0.36 during midday trading on Tuesday, hitting $63.30. The company's stock had a trading volume of 1,413,537 shares, compared to its average volume of 3,285,862. The stock has a fifty day moving average price of $61.94 and a 200 day moving average price of $60.36. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08. 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 $79.38 billion, a price-to-earnings ratio of 9.81 and a beta of 0.66.

Rio Tinto Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be paid a $1.48 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a dividend yield of 620.0%. Rio Tinto's dividend payout ratio is 45.74%.

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.