SLT Holdings LLC Invests $242,000 in Rio Tinto PLC $RIO

SLT Holdings LLC bought a new position in shares of Rio Tinto PLC (NYSE:RIO) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 4,146 shares of the mining company’s stock, valued at approximately $242,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Alpine Bank Wealth Management purchased a new stake in shares of Rio Tinto during the first quarter worth about $30,000. Wayfinding Financial LLC bought a new stake in Rio Tinto in the first quarter valued at about $30,000. Pandora Wealth Inc. bought a new stake in Rio Tinto in the first quarter valued at about $30,000. Bfsg LLC increased its holdings in 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 last quarter. Finally, Hilltop National Bank bought a new stake in Rio Tinto in the second quarter valued at about $44,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RIO has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Berenberg Bank reissued a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a report on Wednesday. Barclays reissued an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Finally, Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Three analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Rio Tinto currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Stock Performance

Shares of RIO stock opened at $65.47 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average of $63.16 and a two-hundred day moving average of $60.70. Rio Tinto PLC has a 52 week low of $51.67 and a 52 week high of $68.80. The company has a market cap of $82.10 billion, a P/E ratio of 10.15, a PEG ratio of 4.70 and a beta of 0.66.

Rio Tinto Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Thursday, September 25th. Investors of record on Friday, August 15th were issued a $1.48 dividend. This represents a yield of 620.0%. The ex-dividend date of this dividend was Friday, August 15th. 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.