Bell Bank Has $10.41 Million 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 boosted its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 15.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 178,456 shares of the mining company's stock after buying an additional 24,420 shares during the period. Rio Tinto makes up about 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.

Several other large investors have also recently bought and sold shares of the business. Wayfinding Financial LLC purchased a new position in Rio Tinto in the first quarter valued at about $30,000. Pandora Wealth Inc. purchased a new position in Rio Tinto in the first quarter valued at about $30,000. Alpine Bank Wealth Management purchased a new position in Rio Tinto in the first quarter valued at about $30,000. Bfsg LLC grew its stake in Rio Tinto by 5,754.5% in the first quarter. Bfsg LLC now owns 644 shares of the mining company's stock valued at $39,000 after purchasing an additional 633 shares in the last quarter. Finally, Ameriflex Group Inc. purchased a new position in Rio Tinto in the fourth quarter valued at about $47,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. Barclays restated an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Rio Tinto currently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Stock Performance

RIO opened at $62.27 on Friday. The company has a market cap of $78.10 billion, a PE ratio of 9.65 and a beta of 0.66. The stock has a 50-day moving average of $61.86 and a 200-day moving average of $60.40. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $72.08. 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 firm 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 is Friday, August 15th. This represents a yield of 620.0%. Rio Tinto's dividend payout ratio is presently 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.

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