Truist Financial Corp Cuts Holdings in Rio Tinto PLC $RIO

Key Points

• Truist Financial Corp reduced its holdings in Rio Tinto PLC by 23%, owning 62,430 shares worth approximately $3.6 million after selling 18,652 shares in the second quarter.
• Several institutional investors, including Amundi and Acadian Asset Management, have increased their stakes in Rio Tinto, reflecting confident trading activity around the company's stocks.
• Rio Tinto recently cut its dividend to $1.48 per share, which was issued to shareholders of record, and has a current dividend payout ratio of 45.74%.

Truist Financial Corp lessened its stake in Rio Tinto PLC (NYSE:RIO - Free Report) by 23.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,430 shares of the mining company's stock after selling 18,652 shares during the period. Truist Financial Corp's holdings in Rio Tinto were worth $3,642,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RIO. Amundi grew its position in Rio Tinto by 224.0% in the first quarter. Amundi now owns 230,891 shares of the mining company's stock worth $13,491,000 after acquiring an additional 159,636 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Rio Tinto by 24.2% in the 1st quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company's stock worth $242,000 after purchasing an additional 785 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Rio Tinto in the first quarter worth approximately $357,000. Acadian Asset Management LLC boosted its stake in Rio Tinto by 37.9% in the first quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company's stock worth $3,458,000 after buying an additional 15,839 shares in the last quarter. Finally, Merit Financial Group LLC purchased a new stake in shares of Rio Tinto in the 1st quarter valued at $251,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RIO. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a "buy" rating to a "hold" rating in a research note on Wednesday, July 30th. Morgan Stanley restated an "overweight" rating on shares of Rio Tinto in a report on Wednesday. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Rio Tinto in a report on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Rio Tinto has an average rating of "Moderate Buy" and a consensus price target of $73.00.

Rio Tinto Trading Up 2.1%

NYSE:RIO opened at $67.66 on Thursday. The company has a 50-day moving average price of $62.90 and a 200-day moving average price of $60.65. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $68.18. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The stock has a market cap of $84.86 billion, a price-to-earnings ratio of 10.49, a P/E/G ratio of 4.65 and a beta of 0.66.

Rio Tinto Cuts Dividend

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