Salem Investment Counselors Inc. Has $5.26 Million Stock Position in Rio Tinto PLC $RIO

Key Points

• Salem Investment Counselors Inc. reduced its stake in Rio Tinto PLC by 4.8%, holding $5.26 million worth of shares after selling 4,511 shares in the second quarter.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Rio Tinto, with a range of ratings from "Strong Buy" to "Hold" and an average price target of $73.00.
• Rio Tinto recently announced a semi-annual dividend of $1.48, representing a yield of 620.0%, with an ex-dividend date set for August 15th.

Salem Investment Counselors Inc. reduced its position in Rio Tinto PLC (NYSE:RIO - Free Report) by 4.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 90,133 shares of the mining company's stock after selling 4,511 shares during the period. Salem Investment Counselors Inc.'s holdings in Rio Tinto were worth $5,257,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of RIO. Balyasny Asset Management L.P. acquired a new stake in Rio Tinto in the 4th quarter valued at about $417,000. Ethic Inc. lifted its stake in Rio Tinto by 4.0% in the 4th quarter. Ethic Inc. now owns 7,298 shares of the mining company's stock valued at $429,000 after purchasing an additional 284 shares during the last quarter. Focus Partners Wealth lifted its stake in Rio Tinto by 80.6% in the 4th quarter. Focus Partners Wealth now owns 13,700 shares of the mining company's stock valued at $806,000 after purchasing an additional 6,115 shares during the last quarter. Nomura Holdings Inc. lifted its position in Rio Tinto by 85.7% during the fourth quarter. Nomura Holdings Inc. now owns 9,302 shares of the mining company's stock worth $547,000 after acquiring an additional 4,292 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in Rio Tinto by 53.4% during the fourth quarter. Quantinno Capital Management LP now owns 97,459 shares of the mining company's stock worth $5,732,000 after acquiring an additional 33,918 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Barclays restated an "overweight" rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a research report on Monday, July 14th. Jefferies Financial Group restated a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a "buy" rating to a "hold" rating in a research report on Wednesday, July 30th. Finally, Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Rio Tinto has a consensus rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Stock Down 0.2%

NYSE RIO opened at $62.39 on Friday. 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 1-year low of $51.67 and a 1-year high of $72.08. The company has a 50 day moving average of $61.50 and a 200-day moving average of $60.33. The company has a market cap of $78.25 billion, a price-to-earnings ratio of 9.67 and a beta of 0.66.

Rio Tinto Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 25th. Investors of record on Friday, August 15th will be paid a $1.48 dividend. This represents a yield of 620.0%. The ex-dividend date of this dividend is Friday, August 15th. Rio Tinto's dividend payout ratio (DPR) is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.