Kestra Advisory Services LLC Cuts Stake in Rio Tinto PLC $RIO

Key Points

• Kestra Advisory Services LLC has reduced its stake in Rio Tinto PLC by 27.6%, now holding 18,199 shares valued at approximately $1,093,000.
• Institutional investors like Goldman Sachs and Auto Owners Insurance Co have increased their positions significantly in Rio Tinto, reflecting strong confidence in the company's stock.
• Rio Tinto announced a $1.48 dividend set for September 25, 2023, representing a yield of 620.0%, amidst a favorable analysis outlook from various research analysts.

Kestra Advisory Services LLC trimmed its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 27.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,199 shares of the mining company's stock after selling 6,935 shares during the quarter. Kestra Advisory Services LLC's holdings in Rio Tinto were worth $1,093,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC raised its stake in Rio Tinto by 24.2% in the first quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock valued at $242,000 after purchasing an additional 785 shares in the last quarter. Merit Financial Group LLC acquired a new stake in shares of Rio Tinto during the 1st quarter worth approximately $251,000. Bessemer Group Inc. grew its position in shares of Rio Tinto by 61.8% during the 1st quarter. Bessemer Group Inc. now owns 5,195 shares of the mining company's stock worth $312,000 after buying an additional 1,985 shares during the period. Stratos Wealth Partners LTD. grew its position in Rio Tinto by 3.1% in the 1st quarter. Stratos Wealth Partners LTD. now owns 12,903 shares of the mining company's stock valued at $775,000 after purchasing an additional 388 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Rio Tinto by 36.8% during the 1st quarter. GAMMA Investing LLC now owns 2,546 shares of the mining company's stock worth $153,000 after acquiring an additional 685 shares during the last quarter. 19.33% of the stock is owned by institutional investors.

Rio Tinto Price Performance

RIO stock traded up $0.03 during mid-day trading on Thursday, reaching $62.51. 1,483,977 shares of the company traded hands, compared to its average volume of 3,288,095. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. The company has a market capitalization of $78.39 billion, a P/E ratio of 9.69 and a beta of 0.66. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $72.08. The company has a fifty day moving average price of $60.96 and a 200-day moving average price of $60.37.

Rio Tinto Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be issued 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 presently 45.74%.

Wall Street Analysts Forecast Growth

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

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.