Rio Tinto PLC $RIO Shares Acquired by Old Port Advisors

Old Port Advisors increased its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 23.4% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,218 shares of the mining company's stock after purchasing an additional 4,975 shares during the period. Old Port Advisors' holdings in Rio Tinto were worth $1,529,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of RIO. Wayfinding Financial LLC bought a new position in Rio Tinto in the first quarter worth about $30,000. Pandora Wealth Inc. bought a new position in Rio Tinto in the first quarter worth about $30,000. Alpine Bank Wealth Management bought a new position in Rio Tinto in the first quarter worth about $30,000. Bfsg LLC lifted its holdings in Rio Tinto by 5,754.5% in the first quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after acquiring an additional 633 shares during the last quarter. Finally, Resources Management Corp CT ADV bought a new position in Rio Tinto in the first quarter worth about $48,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RIO has been the topic of a number of recent research reports. Berenberg Bank reissued a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Barclays reissued an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Morgan Stanley reissued an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a "buy" rating to a "hold" rating in a report on Wednesday, July 30th. Finally, Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $73.00.

Rio Tinto Stock Performance

RIO opened at $64.81 on Friday. The business's 50 day moving average is $62.31 and its 200-day moving average is $60.45. The stock has a market cap of $81.28 billion, a PE ratio of 10.05 and a beta of 0.66. 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 twelve month low of $51.67 and a twelve month high of $72.08.

Rio Tinto Cuts Dividend

The company also recently announced a semi-annual dividend, which was paid on Thursday, September 25th. Investors 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%.

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.

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