HB Wealth Management LLC Sells 1,425 Shares of Rio Tinto PLC $RIO

HB Wealth Management LLC lessened its stake in shares of Rio Tinto PLC (NYSE:RIO) by 28.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,548 shares of the mining company’s stock after selling 1,425 shares during the period. HB Wealth Management LLC’s holdings in Rio Tinto were worth $207,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Amundi grew its stake in shares of Rio Tinto by 224.0% in the 1st quarter. Amundi now owns 230,891 shares of the mining company’s stock worth $13,491,000 after buying an additional 159,636 shares in the last quarter. Farther Finance Advisors LLC lifted 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 valued at $242,000 after acquiring an additional 785 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Rio Tinto in the 1st quarter valued at about $357,000. Acadian Asset Management LLC lifted its holdings in shares of 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 acquiring an additional 15,839 shares during the last quarter. Finally, Merit Financial Group LLC bought a new position in shares of Rio Tinto in the 1st quarter valued at about $251,000. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Price Performance

Rio Tinto stock opened at $66.28 on Wednesday. The stock has a market cap of $83.13 billion, a price-to-earnings ratio of 10.28, a price-to-earnings-growth ratio of 4.70 and a beta of 0.66. 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 $68.18. The firm has a 50-day moving average of $62.74 and a two-hundred day moving average of $60.60.

Rio Tinto Cuts Dividend

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

Analyst Ratings Changes

A number of research analysts recently commented on RIO shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rio Tinto in a report on Saturday, September 27th. Barclays reaffirmed an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a report on Monday, July 14th. Finally, Berenberg Bank reissued a “hold” rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Rio Tinto presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

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.