Fifth Third Wealth Advisors LLC Buys 404 Shares of Rio Tinto PLC $RIO

Fifth Third Wealth Advisors LLC grew its stake in Rio Tinto PLC (NYSE:RIO) by 7.7% in the 2nd quarter, Holdings Channel.com reports. The fund owned 5,678 shares of the mining company’s stock after purchasing an additional 404 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Rio Tinto were worth $331,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Alpine Bank Wealth Management bought a new position in shares of Rio Tinto in the 1st quarter valued at about $30,000. Wayfinding Financial LLC bought a new position in shares of Rio Tinto in the 1st quarter valued at about $30,000. Pandora Wealth Inc. bought a new position in shares of Rio Tinto in the 1st quarter valued at about $30,000. Bfsg LLC grew its holdings in shares of Rio Tinto by 5,754.5% in the 1st quarter. Bfsg LLC now owns 644 shares of the mining company’s stock valued at $39,000 after acquiring an additional 633 shares in the last quarter. Finally, Hilltop National Bank bought a new position in shares of Rio Tinto in the 2nd quarter valued at about $44,000. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Trading Up 4.1%

Shares of RIO stock opened at $68.09 on Tuesday. The firm has a 50 day moving average price of $63.32 and a two-hundred day moving average price of $60.73. 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 company has a market capitalization of $85.40 billion, a PE ratio of 10.56, a price-to-earnings-growth ratio of 4.59 and a beta of 0.66. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $68.80.

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 was Friday, August 15th. Rio Tinto’s payout ratio is presently 45.74%.

Wall Street Analyst Weigh In

A number of research firms recently commented on RIO. Weiss Ratings reiterated a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Barclays reiterated an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Berenberg Bank reiterated a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Finally, Deutsche Bank Aktiengesellschaft cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Three research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently 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.