Moran Wealth Management LLC Boosts Stake in Rio Tinto PLC $RIO

Moran Wealth Management LLC increased its position in Rio Tinto PLC (NYSE:RIO) by 4.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 99,806 shares of the mining company’s stock after purchasing an additional 4,300 shares during the period. Moran Wealth Management LLC’s holdings in Rio Tinto were worth $5,822,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RIO. Farther Finance Advisors LLC raised its stake in Rio Tinto by 24.2% during 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. GAMMA Investing LLC raised its stake in Rio Tinto by 36.8% during the 1st quarter. GAMMA Investing LLC now owns 2,546 shares of the mining company’s stock valued at $153,000 after acquiring an additional 685 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Rio Tinto by 3.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 98,686 shares of the mining company’s stock valued at $5,929,000 after acquiring an additional 3,481 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Rio Tinto by 7.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 308,542 shares of the mining company’s stock valued at $18,537,000 after acquiring an additional 20,467 shares during the last quarter. Finally, Sowell Financial Services LLC raised its stake in Rio Tinto by 7.1% during the 1st quarter. Sowell Financial Services LLC now owns 21,255 shares of the mining company’s stock valued at $1,277,000 after acquiring an additional 1,414 shares during the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Zacks Research upgraded Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. Berenberg Bank reiterated a “hold” rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Three 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Stock Performance

RIO opened at $68.21 on Wednesday. The stock has a market cap of $85.55 billion, a P/E ratio of 10.58, a P/E/G ratio of 4.78 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. The stock’s 50 day simple moving average is $63.49 and its 200 day simple moving average is $60.78. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $68.91.

Rio Tinto Cuts Dividend

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