Rio Tinto PLC $RIO Shares Acquired by Pacific Heights Asset Management LLC

Key Points

• Pacific Heights Asset Management LLC has increased its stake in Rio Tinto PLC by 8.3% in the second quarter, now holding 325,000 shares valued at approximately $18.96 million.
• Rio Tinto's stock has been rated with a consensus of Moderate Buy by analysts, with a target price set at $73.00.
• Despite an increase in institutional investments, Rio Tinto's stock has seen a slight decline of 1.1%, trading at around $68.48.

Pacific Heights Asset Management LLC increased its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 8.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 325,000 shares of the mining company's stock after buying an additional 25,000 shares during the period. Rio Tinto comprises 1.0% of Pacific Heights Asset Management LLC's portfolio, making the stock its 24th largest holding. Pacific Heights Asset Management LLC's holdings in Rio Tinto were worth $18,957,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Alpine Bank Wealth Management purchased a new position in shares of Rio Tinto in the first quarter valued at $30,000. Wayfinding Financial LLC acquired a new stake in shares of Rio Tinto in the 1st quarter worth about $30,000. Pandora Wealth Inc. bought a new position in Rio Tinto in the 1st quarter valued at about $30,000. Hilltop National Bank bought a new position in Rio Tinto in the 2nd quarter valued at about $44,000. Finally, Resources Management Corp CT ADV acquired a new position in Rio Tinto in the first quarter worth approximately $48,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RIO has been the subject of several research reports. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a report on Thursday, July 3rd. Zacks Research raised shares of Rio Tinto from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 6th. Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Weiss Ratings restated a "hold (c)" rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Finally, Barclays reissued an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Rio Tinto has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Stock Down 1.1%

RIO stock opened at $68.48 on Wednesday. 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 stock has a market capitalization of $85.88 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 5.50 and a beta of 0.66. The business's fifty day moving average price is $64.20 and its two-hundred day moving average price is $61.13. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $69.30.

Rio Tinto Cuts Dividend

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

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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