LPL Financial LLC Reduces Stock Holdings in Rio Tinto PLC (NYSE:RIO)

Key Points

• LPL Financial LLC reduced its stake in Rio Tinto PLC by 4.1%, now holding 308,346 shares valued at approximately $18.5 million.
• Rio Tinto declared a $1.48 semi-annual dividend to be paid on September 25th, representing a 620.0% yield.
• Several financial analysts have rated Rio Tinto with a consensus rating of "Moderate Buy" and a target price of $73.00.

LPL Financial LLC cut its holdings in Rio Tinto PLC (NYSE:RIO - Free Report) by 4.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,346 shares of the mining company's stock after selling 13,262 shares during the quarter. LPL Financial LLC's holdings in Rio Tinto were worth $18,525,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Capital Analysts LLC raised its position in shares of Rio Tinto by 6.0% during the 4th quarter. Capital Analysts LLC now owns 2,886 shares of the mining company's stock valued at $170,000 after buying an additional 163 shares in the last quarter. Aspen Wealth Strategies LLC raised its stake in shares of Rio Tinto by 3.7% in the first quarter. Aspen Wealth Strategies LLC now owns 4,810 shares of the mining company's stock valued at $289,000 after acquiring an additional 172 shares during the period. Hamilton Point Investment Advisors LLC boosted its stake in shares of Rio Tinto by 0.4% during the 1st quarter. Hamilton Point Investment Advisors LLC now owns 44,385 shares of the mining company's stock worth $2,767,000 after purchasing an additional 194 shares during the period. Walker Asset Management LLC grew its holdings in Rio Tinto by 4.8% during the 1st quarter. Walker Asset Management LLC now owns 4,326 shares of the mining company's stock valued at $260,000 after purchasing an additional 200 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. lifted its stake in Rio Tinto by 10.0% in the first quarter. Quintet Private Bank Europe S.A. now owns 2,200 shares of the mining company's stock worth $132,000 after purchasing an additional 200 shares during the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Stock Up 1.2%

RIO traded up $0.70 during trading hours on Thursday, hitting $60.79. 2,220,446 shares of the company's stock were exchanged, compared to its average volume of 3,374,741. The firm has a 50 day moving average of $59.47 and a 200 day moving average of $60.30. The firm has a market cap of $76.23 billion, a P/E ratio of 9.42 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 PLC has a 12-month low of $51.67 and a 12-month high of $72.08.

Rio Tinto Cuts Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently commented on RIO shares. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Barclays reissued an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Wall Street Zen downgraded shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $73.00.

Rio Tinto Company 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.