Wealth Enhancement Advisory Services LLC Acquires 6,745 Shares of Rio Tinto PLC $RIO

Key Points

• Wealth Enhancement Advisory Services LLC increased its stake in Rio Tinto PLC by 6.8%, acquiring an additional 6,745 shares, bringing its total to 105,431 shares valued at approximately $6.22 million.
• Several hedge funds, including Gilman Hill Asset Management LLC and Central Valley Advisors LLC, have also either increased or initiated positions in Rio Tinto during the second quarter, reflecting growing institutional interest.
• The company's recent dividend announcement revealed a semi-annual payment of $1.48, reflecting a substantial dividend yield of 620.0%, with payout expectations positively influencing investor sentiment.

Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 6.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,431 shares of the mining company's stock after purchasing an additional 6,745 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Rio Tinto were worth $6,223,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Gilman Hill Asset Management LLC grew its position in shares of Rio Tinto by 2.2% during the 2nd quarter. Gilman Hill Asset Management LLC now owns 71,287 shares of the mining company's stock worth $4,158,000 after buying an additional 1,530 shares during the period. Central Valley Advisors LLC bought a new position in Rio Tinto during the second quarter worth $1,530,000. Gallacher Capital Management LLC grew its holdings in Rio Tinto by 7.2% in the second quarter. Gallacher Capital Management LLC now owns 6,155 shares of the mining company's stock worth $359,000 after purchasing an additional 415 shares during the period. Ellsworth Advisors LLC increased its stake in Rio Tinto by 22.9% in the first quarter. Ellsworth Advisors LLC now owns 13,696 shares of the mining company's stock valued at $823,000 after purchasing an additional 2,553 shares in the last quarter. Finally, Acadian Asset Management LLC increased 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 valued at $3,458,000 after purchasing an additional 15,839 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Rio Tinto Trading Up 0.5%

NYSE RIO opened at $63.90 on Thursday. The firm has a market capitalization of $80.14 billion, a P/E ratio of 9.91 and a beta of 0.66. The business has a fifty day simple moving average of $62.12 and a 200 day simple moving average of $60.40. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. 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 Cuts Dividend

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