Janney Montgomery Scott LLC Sells 219,370 Shares of Rio Tinto PLC $RIO

Key Points

• Janney Montgomery Scott LLC significantly reduced its holdings in Rio Tinto PLC by 71.1%, selling 219,370 shares and retaining just 89,172 shares worth approximately $5.2 million.
• Analysts maintain a consensus rating of "Moderate Buy" for Rio Tinto, with a target price of $73.00, although there was a downgrade by Deutsche Bank from "buy" to "hold."
• Rio Tinto announced a semi-annual dividend of $1.48 per share, with a yield of 620.0% and a payout ratio of 45.74%.

Janney Montgomery Scott LLC lowered its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 71.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,172 shares of the mining company's stock after selling 219,370 shares during the period. Janney Montgomery Scott LLC's holdings in Rio Tinto were worth $5,201,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. NBC Securities Inc. lifted its holdings in shares of Rio Tinto by 103,100.0% during the first quarter. NBC Securities Inc. now owns 1,032 shares of the mining company's stock worth $62,000 after buying an additional 1,031 shares in the last quarter. Merit Financial Group LLC acquired a new stake in Rio Tinto in the 1st quarter worth about $251,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Rio Tinto in the first quarter valued at approximately $206,000. Park Avenue Securities LLC boosted its stake in shares of Rio Tinto by 3.8% in the first quarter. Park Avenue Securities LLC now owns 14,940 shares of the mining company's stock valued at $898,000 after buying an additional 553 shares during the period. Finally, Courier Capital LLC grew its position in Rio Tinto by 72.3% during the first quarter. Courier Capital LLC now owns 21,174 shares of the mining company's stock worth $1,272,000 after buying an additional 8,885 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Barclays restated an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rio Tinto in a report on Saturday, September 27th. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a "buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Rio Tinto presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Price Performance

RIO stock opened at $66.90 on Tuesday. The company has a market capitalization of $83.90 billion, a P/E ratio of 10.37, a PEG ratio of 4.75 and a beta of 0.66. The company has a fifty day moving average price of $62.66 and a 200-day moving average price of $60.56. 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 PLC has a 52-week low of $51.67 and a 52-week high of $69.83.

Rio Tinto Cuts Dividend

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

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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