Cullen Frost Bankers Inc. Acquires 62,370 Shares of Rio Tinto PLC $RIO

Key Points

• Cullen Frost Bankers Inc. increased its holdings in Rio Tinto PLC by 59.0% during the 2nd quarter, acquiring an additional 62,370 shares, bringing its total to 168,017 shares worth approximately $9.8 million.
• Rio Tinto recently announced a semi-annual dividend of $1.48 per share, with a payout ratio of 45.74%, reflecting a significant yield.
• Wall Street analysts have mixed opinions on Rio Tinto, with ratings ranging from "strong buy" to "hold," resulting in an average price target of $73.00.

Cullen Frost Bankers Inc. raised its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 59.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 168,017 shares of the mining company's stock after buying an additional 62,370 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in Rio Tinto were worth $9,800,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Alpine Bank Wealth Management bought a new stake in Rio Tinto in the 1st quarter valued at $30,000. Wayfinding Financial LLC bought a new stake in shares of Rio Tinto in the 1st quarter worth about $30,000. Pandora Wealth Inc. bought a new stake in shares of Rio Tinto in the 1st quarter worth about $30,000. Hilltop National Bank bought a new stake in shares of Rio Tinto in the 2nd quarter worth about $44,000. Finally, Resources Management Corp CT ADV bought a new stake in shares of Rio Tinto in the 1st quarter worth about $48,000. Institutional investors own 19.33% of the company's stock.

Rio Tinto Trading Up 2.1%

RIO opened at $69.80 on Thursday. 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 stock has a market capitalization of $87.53 billion, a PE ratio of 10.82, a PEG ratio of 5.43 and a beta of 0.66. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $70.12. The firm has a 50-day moving average price of $64.33 and a two-hundred day moving average price of $61.18.

Rio Tinto Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, September 25th. Shareholders of record on Friday, August 15th were given a dividend of $1.48 per share. The ex-dividend date was Friday, August 15th. This represents a yield of 620.0%. Rio Tinto's dividend payout ratio is presently 45.74%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RIO. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Zacks Research raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a report on Monday, October 6th. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a report on Wednesday, October 8th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rio Tinto in a report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Three equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $73.00.

About Rio Tinto

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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