Rio Tinto PLC $RIO Shares Sold by IFP Advisors Inc

Key Points

• IFP Advisors cut its Rio Tinto holdings by 80.1% in the third quarter, selling 12,227 shares and retaining 3,040 shares valued at approximately $286,000.
• Rio Tinto shares opened at $83.72, below their 50-day and 200-day moving averages, with a 52-week range of $67.74 to $112.58. Hedge funds and institutional investors own 19.33% of the stock.
• Analyst sentiment remains mixed but leans toward “Hold,” with one Strong Buy, four Buys, thirteen Holds and one Sell; the consensus price target is $101.62.

IFP Advisors Inc lessened its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 80.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,040 shares of the mining company's stock after selling 12,227 shares during the period. IFP Advisors Inc's holdings in Rio Tinto were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in RIO. Miramontes Capital LLC raised its holdings in Rio Tinto by 1.7% in the 2nd quarter. Miramontes Capital LLC now owns 5,863 shares of the mining company's stock worth $557,000 after purchasing an additional 99 shares during the period. Parkside Financial Bank & Trust increased its holdings in Rio Tinto by 2.0% in the 2nd quarter. Parkside Financial Bank & Trust now owns 5,865 shares of the mining company's stock worth $557,000 after acquiring an additional 114 shares in the last quarter. Asset Allocation Strategies LLC increased its holdings in Rio Tinto by 4.0% in the 2nd quarter. Asset Allocation Strategies LLC now owns 3,010 shares of the mining company's stock worth $286,000 after acquiring an additional 117 shares in the last quarter. Trust Point Inc. raised its position in Rio Tinto by 2.0% during the second quarter. Trust Point Inc. now owns 5,989 shares of the mining company's stock worth $569,000 after acquiring an additional 118 shares during the period. Finally, Walker Asset Management LLC increased its stake in shares of Rio Tinto by 2.5% during the second quarter. Walker Asset Management LLC now owns 4,866 shares of the mining company's stock worth $462,000 after purchasing an additional 120 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Stock Up 0.4%

Shares of NYSE RIO opened at $83.72 on Tuesday. The business has a 50-day moving average of $96.82 and a two-hundred day moving average of $96.23. Rio Tinto PLC has a 1 year low of $67.74 and a 1 year high of $112.58. The company has a quick ratio of 0.93, a current ratio of 1.42 and a debt-to-equity ratio of 0.29.

Rio Tinto Dividend Announcement

The firm also recently announced a dividend, which was paid on Thursday, September 24th. Stockholders of record on Friday, August 14th were issued a $2.11 dividend. This represents a dividend yield of 441.0%. The ex-dividend date of this dividend was Friday, August 14th.

Wall Street Analyst Weigh In

RIO has been the subject of several recent research reports. Weiss Ratings raised Rio Tinto from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, July 30th. The Goldman Sachs Group raised shares of Rio Tinto from a "neutral" rating to a "buy" rating in a research note on Wednesday, July 29th. Zacks Research raised shares of Rio Tinto from a "strong sell" rating to a "hold" rating in a report on Wednesday, September 2nd. Morningstar upgraded shares of Rio Tinto to a "hold" rating in a research report on Tuesday, July 14th. Finally, Morgan Stanley assumed coverage on shares of Rio Tinto in a research report on Monday, August 24th. They issued an "underweight" rating and a $90.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Rio Tinto presently has a consensus rating of "Hold" and a consensus target price of $101.62.

Rio Tinto Profile

Rio Tinto plc is a diversified mining and metals company with operations and projects spanning multiple continents. Its principal products include iron ore, aluminum, copper, lithium, borates and titanium dioxide, which are supplied to customers in the steel, construction, automotive, technology and manufacturing industries.

The company explores for, mines, processes and transports mineral resources, while also operating related infrastructure such as railways, ports, smelters and processing facilities.

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