Northwestern Mutual Wealth Management Co. Purchases 5,724 Shares of Rio Tinto PLC $RIO

Key Points

• Northwestern Mutual Wealth Management Co. increased its stake in Rio Tinto PLC by 13.0% during the first quarter, owning nearly 50,000 shares valued at approximately $3 million.
• Other large investors, including Goldman Sachs and Auto Owners Insurance Co, also significantly raised their holdings in Rio Tinto, indicating strong institutional interest.
• Rio Tinto recently declared a semi-annual dividend of $1.48 per share, reflecting a yield of 620.0%, amid a payout ratio of 45.74%.

Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,913 shares of the mining company's stock after purchasing an additional 5,724 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Rio Tinto were worth $2,999,000 at the end of the most recent reporting period.

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RIO. Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a "buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Stock Performance

NYSE RIO traded down $0.18 on Friday, hitting $62.70. 1,997,284 shares of the stock traded hands, compared to its average volume of 2,746,539. The business's fifty day moving average is $60.64 and its two-hundred day moving average is $60.37. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. The firm has a market capitalization of $78.63 billion, a price-to-earnings ratio of 9.72 and a beta of 0.66. 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 Cuts Dividend

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

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.