RWA Wealth Partners LLC Has $3.45 Million Position in Rio Tinto PLC $RIO

Key Points

• RWA Wealth Partners LLC increased its stake in Rio Tinto PLC by 16.1% during Q1, owning 57,389 shares valued at approximately $3.45 million.
• Rio Tinto's stock opened at $60.35 and recently reached a fifty-two week high of $72.08, while a dividend of $1.48 will be paid to investors on September 25th.
• Rio Tinto currently has an average rating of "Moderate Buy" from analysts, with a consensus price target of $73.00.

RWA Wealth Partners LLC lifted its stake in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 16.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,389 shares of the mining company's stock after purchasing an additional 7,963 shares during the period. RWA Wealth Partners LLC's holdings in Rio Tinto were worth $3,448,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Absolute Gestao de Investimentos Ltda. acquired a new stake in Rio Tinto during the 1st quarter worth about $1,202,000. Allen Wealth Management LLC boosted its position in Rio Tinto by 3.0% during the 1st quarter. Allen Wealth Management LLC now owns 26,199 shares of the mining company's stock worth $1,574,000 after acquiring an additional 768 shares during the period. Aviso Financial Inc. boosted its position in Rio Tinto by 1.9% during the 1st quarter. Aviso Financial Inc. now owns 19,390 shares of the mining company's stock worth $1,165,000 after acquiring an additional 370 shares during the period. Community Bank & Trust Waco Texas increased its position in Rio Tinto by 3.8% in the 1st quarter. Community Bank & Trust Waco Texas now owns 25,498 shares of the mining company's stock worth $1,532,000 after purchasing an additional 924 shares during the last quarter. Finally, Northern Trust Corp increased its position in Rio Tinto by 3.8% in the 1st quarter. Northern Trust Corp now owns 1,663,964 shares of the mining company's stock worth $99,971,000 after purchasing an additional 60,927 shares during the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RIO. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Barclays restated an "overweight" rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a report on Monday, July 14th. Finally, Wall Street Zen downgraded shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Stock Performance

Shares of NYSE:RIO traded up $1.3460 during midday trading on Friday, hitting $62.6460. The company's stock had a trading volume of 3,966,111 shares, compared to its average volume of 3,320,682. The stock has a market capitalization of $78.57 billion, a price-to-earnings ratio of 9.71 and a beta of 0.64. The stock's 50 day simple moving average is $60.10 and its 200 day simple moving average is $60.36. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $72.08. 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 firm also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Stockholders of record on Friday, August 15th will be given a $1.48 dividend. This represents a dividend yield of 620.0%. The ex-dividend date of this dividend is Friday, August 15th. Rio Tinto's dividend payout ratio (DPR) is currently 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.