Farther Finance Advisors LLC Increases Stock Position in Rio Tinto PLC $RIO

Farther Finance Advisors LLC raised its holdings in Rio Tinto PLC (NYSE:RIO) by 30.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,235 shares of the mining company’s stock after purchasing an additional 1,212 shares during the quarter. Farther Finance Advisors LLC’s holdings in Rio Tinto were worth $305,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Amundi boosted its holdings in Rio Tinto by 224.0% in the 1st quarter. Amundi now owns 230,891 shares of the mining company’s stock valued at $13,491,000 after purchasing an additional 159,636 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Rio Tinto in the 1st quarter valued at approximately $357,000. Acadian Asset Management LLC boosted its holdings in Rio Tinto by 37.9% in the 1st 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. Merit Financial Group LLC purchased a new stake in Rio Tinto in the 1st quarter valued at approximately $251,000. Finally, Central Valley Advisors LLC purchased a new stake in Rio Tinto in the 2nd quarter valued at approximately $1,530,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Trading Up 1.6%

Shares of Rio Tinto stock opened at $65.81 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $72.08. The company has a market capitalization of $82.54 billion, a P/E ratio of 10.20 and a beta of 0.66. The business has a 50 day moving average price of $62.39 and a 200 day moving average price of $60.46.

Rio Tinto Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Jefferies Financial Group reaffirmed a “hold” rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Barclays reiterated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research report on Monday, July 14th. Finally, Berenberg Bank reiterated 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 issued a Hold rating to the stock. Based on data from MarketBeat, Rio Tinto presently has an average rating of “Moderate Buy” and an average price target of $73.00.

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.