Rio Tinto PLC $RIO Shares Acquired by Moran Wealth Management LLC

Key Points

• Moran Wealth Management LLC increased its stake in Rio Tinto PLC by 4.5%, reaching a total of 99,806 shares valued at approximately $5.82 million.
• Rio Tinto's current share price is $68.21, with a market capitalization of $85.55 billion and a dividend yield of 620.0%.
• Analysts have mixed ratings for Rio Tinto, with three rating it as a Strong Buy while others maintain a Hold, indicating varied expectations for the stock's performance.

Moran Wealth Management LLC grew its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 4.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,806 shares of the mining company's stock after buying an additional 4,300 shares during the quarter. Moran Wealth Management LLC's holdings in Rio Tinto were worth $5,822,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of RIO. Auto Owners Insurance Co grew its stake in shares of Rio Tinto by 77,150.0% in the first quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company's stock valued at $445,553,000 after buying an additional 7,406,400 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in Rio Tinto in the second quarter valued at $292,770,000. Dimensional Fund Advisors LP grew its stake in Rio Tinto by 33.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company's stock worth $116,510,000 after purchasing an additional 490,357 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Rio Tinto by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company's stock worth $502,787,000 after purchasing an additional 326,661 shares in the last quarter. Finally, Pacific Heights Asset Management LLC grew its stake in Rio Tinto by 300.0% during the 1st quarter. Pacific Heights Asset Management LLC now owns 300,000 shares of the mining company's stock worth $18,024,000 after purchasing an additional 225,000 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Stock Up 0.1%

Shares of NYSE RIO opened at $68.21 on Wednesday. The company has a market capitalization of $85.55 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 4.78 and a beta of 0.66. 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 business has a 50-day moving average of $63.49 and a two-hundred day moving average of $60.78. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $68.91.

Rio Tinto Cuts Dividend

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Zacks Research raised Rio Tinto from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. Barclays reissued an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Finally, Morgan Stanley reissued an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

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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