Cetera Investment Advisers Buys 4,832 Shares of Rio Tinto PLC (NYSE:RIO)

Cetera Investment Advisers lifted its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 6.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 76,650 shares of the mining company's stock after acquiring an additional 4,832 shares during the quarter. Cetera Investment Advisers' holdings in Rio Tinto were worth $4,605,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Alpine Bank Wealth Management bought a new position in Rio Tinto during the first quarter worth about $30,000. Wayfinding Financial LLC acquired a new stake in shares of Rio Tinto in the first quarter valued at approximately $30,000. Bfsg LLC grew its holdings 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. Ameriflex Group Inc. acquired a new stake in Rio Tinto during the 4th quarter worth $47,000. Finally, SJS Investment Consulting Inc. grew its holdings in Rio Tinto by 577.9% during the 1st quarter. SJS Investment Consulting Inc. now owns 922 shares of the mining company's stock worth $55,000 after acquiring an additional 786 shares during the period. 19.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on RIO shares. Morgan Stanley reissued an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Finally, Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Price Performance

NYSE:RIO traded down $0.34 on Tuesday, hitting $59.66. The company had a trading volume of 3,616,985 shares, compared to its average volume of 3,872,221. The firm has a 50 day moving average of $59.48 and a two-hundred day moving average of $60.30. The stock has a market capitalization of $74.82 billion, a price-to-earnings ratio of 9.25 and a beta of 0.64. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week 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.

Rio Tinto Cuts Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Shareholders of record on Friday, August 15th will be issued a $1.48 dividend. This represents a yield of 620.0%. The ex-dividend date is Friday, August 15th. Rio Tinto's dividend payout ratio (DPR) is presently 69.15%.

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.