Philip James Wealth Mangement LLC Sells 244 Shares of Rio Tinto PLC $RIO

Philip James Wealth Mangement LLC cut its stake in shares of Rio Tinto PLC (NYSE:RIO) by 1.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,067 shares of the mining company’s stock after selling 244 shares during the period. Philip James Wealth Mangement LLC’s holdings in Rio Tinto were worth $1,345,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of RIO. GAMMA Investing LLC increased its position in shares of Rio Tinto by 8,119.5% during the first quarter. GAMMA Investing LLC now owns 152,964 shares of the mining company’s stock valued at $9,190,000 after buying an additional 151,103 shares during the period. Fifth Third Wealth Advisors LLC increased its position in shares of Rio Tinto by 6.7% in the first quarter. Fifth Third Wealth Advisors LLC now owns 5,274 shares of the mining company’s stock worth $317,000 after purchasing an additional 331 shares during the last quarter. NBC Securities Inc. increased its position in shares of Rio Tinto by 103,100.0% in the first quarter. NBC Securities Inc. now owns 1,032 shares of the mining company’s stock worth $62,000 after purchasing an additional 1,031 shares during the last quarter. Merit Financial Group LLC bought a new position in shares of Rio Tinto in the first quarter worth approximately $251,000. Finally, RFG Advisory LLC bought a new position in shares of Rio Tinto in the first quarter worth approximately $831,000. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Stock Up 0.4%

Shares of NYSE RIO opened at $66.27 on Thursday. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. The firm’s 50 day simple moving average is $62.46 and its two-hundred day simple moving average is $60.54. The stock has a market capitalization of $83.12 billion, a P/E ratio of 10.27, a PEG ratio of 4.74 and a beta of 0.66.

Rio Tinto Cuts Dividend

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

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Berenberg Bank restated a “hold” rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research report on Monday, July 14th. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Finally, Barclays restated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. 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 company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.