Empirical Financial Services LLC d.b.a. Empirical Wealth Management Takes Position in Rio Tinto PLC (NYSE:RIO)

Key Points

• Empirical Wealth Management has acquired a new stake in Rio Tinto PLC, purchasing 4,966 shares valued at approximately $298,000 in the first quarter.
• The stock has received mixed analyst ratings, with Barclays maintaining an "overweight" rating while Deutsche Bank downgraded its rating from "buy" to "hold."
• Rio Tinto recently announced a semi-annual dividend of $1.48, representing a significant dividend yield of 620.0%, with a current payout ratio of 69.15%.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 4,966 shares of the mining company's stock, valued at approximately $298,000.

Several other large investors also recently made changes to their positions in RIO. 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 position in shares of Rio Tinto in the 1st quarter valued at about $30,000. Bfsg LLC increased its stake in shares of Rio Tinto by 5,754.5% during the first quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after purchasing an additional 633 shares during the period. Ameriflex Group Inc. acquired a new stake in shares of Rio Tinto during the 4th quarter worth $47,000. Finally, SJS Investment Consulting Inc. grew its stake in shares of Rio Tinto by 577.9% during the first quarter. SJS Investment Consulting Inc. now owns 922 shares of the mining company's stock worth $55,000 after buying an additional 786 shares during the last quarter. Institutional investors own 19.33% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on RIO shares. Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Wall Street Zen lowered Rio Tinto from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Rio Tinto currently 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 $0.34 during mid-day trading on Tuesday, reaching $59.66. The company had a trading volume of 3,616,985 shares, compared to its average volume of 3,872,221. The company's 50-day moving average price is $59.48 and its 200-day moving average price is $60.30. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08. The firm has a market cap of $74.82 billion, a price-to-earnings ratio of 9.25 and a beta of 0.64. 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 firm also recently announced a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be paid a dividend of $1.48 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a dividend yield of 620.0%. Rio Tinto's payout ratio is 69.15%.

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.