Ballentine Partners LLC Sells 834 Shares of Rio Tinto PLC $RIO

Ballentine Partners LLC lessened its position in shares of Rio Tinto PLC (NYSE:RIO) by 17.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,962 shares of the mining company’s stock after selling 834 shares during the period. Ballentine Partners LLC’s holdings in Rio Tinto were worth $231,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new stake in shares of Rio Tinto in the first quarter valued at approximately $30,000. Wayfinding Financial LLC bought a new stake in shares of Rio Tinto in the first quarter valued at approximately $30,000. Pandora Wealth Inc. bought a new stake in shares of Rio Tinto in the first quarter valued at approximately $30,000. Bfsg LLC boosted its stake in shares of Rio Tinto by 5,754.5% in the first quarter. Bfsg LLC now owns 644 shares of the mining company’s stock valued at $39,000 after buying an additional 633 shares during the period. Finally, Resources Management Corp CT ADV bought a new stake in shares of Rio Tinto in the first quarter valued at approximately $48,000. Institutional investors own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

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

Rio Tinto Stock Up 1.6%

Shares of NYSE:RIO opened at $65.81 on Tuesday. The company has a fifty day moving average of $62.39 and a 200-day moving average of $60.46. The company has a market capitalization of $82.54 billion, a PE ratio of 10.20 and a beta of 0.66. 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 PLC has a 52-week low of $51.67 and a 52-week high of $72.08.

Rio Tinto Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Thursday, September 25th. Stockholders of record on Friday, August 15th were issued a dividend of $1.48 per share. The ex-dividend date was Friday, August 15th. This represents a dividend yield of 620.0%. Rio Tinto’s dividend payout ratio is 45.74%.

Rio Tinto 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.