Bell Bank Boosts Stock Position in Rio Tinto PLC $RIO

Key Points

• Bell Bank increased its stake in Rio Tinto PLC by 15.9%, now holding 178,456 shares valued at approximately $10.41 million, making up about 0.5% of its portfolio.
• Rio Tinto's stock ratings are mixed, with a consensus of "Moderate Buy" from analysts, though it has experienced recent downgrades from Deutsche Bank.
• The company announced a semi-annual dividend of $1.48 per share, with a dividend yield of 620.0% scheduled for payment on September 25th.

Bell Bank lifted its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 15.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 178,456 shares of the mining company's stock after purchasing an additional 24,420 shares during the period. Rio Tinto comprises approximately 0.5% of Bell Bank's holdings, making the stock its 27th biggest position. Bell Bank's holdings in Rio Tinto were worth $10,409,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new position in shares of Rio Tinto in the 1st quarter worth approximately $30,000. Wayfinding Financial LLC bought a new stake in Rio Tinto during the 1st quarter worth approximately $30,000. Pandora Wealth Inc. bought a new stake in Rio Tinto during the 1st quarter worth approximately $30,000. Bfsg LLC raised its stake in Rio Tinto by 5,754.5% during the 1st quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after acquiring an additional 633 shares during the period. Finally, Ameriflex Group Inc. bought a new stake in Rio Tinto during the 4th quarter worth approximately $47,000. Institutional investors own 19.33% of the company's stock.

Rio Tinto Stock Down 0.3%

Shares of RIO stock traded down $0.18 on Tuesday, hitting $63.47. The stock had a trading volume of 690,554 shares, compared to its average volume of 3,281,827. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average price of $61.94 and a 200 day moving average price of $60.36. The company has a market cap of $79.61 billion, a PE ratio of 9.84 and a beta of 0.66. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08.

Rio Tinto Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RIO shares. Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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.