Ritholtz Wealth Management Sells 43,744 Shares of Rio Tinto PLC $RIO

Ritholtz Wealth Management reduced its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 74.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,174 shares of the mining company’s stock after selling 43,744 shares during the quarter. Ritholtz Wealth Management’s holdings in Rio Tinto were worth $885,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Amundi increased its holdings in 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 purchasing an additional 159,636 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Rio Tinto in the 1st quarter worth about $357,000. Acadian Asset Management LLC increased its holdings in Rio Tinto by 37.9% in the 1st quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company’s stock worth $3,458,000 after purchasing an additional 15,839 shares in the last quarter. Central Valley Advisors LLC acquired a new position in Rio Tinto in the 2nd quarter worth about $1,530,000. Finally, Bessemer Group Inc. increased its holdings in Rio Tinto by 61.8% in the 1st quarter. Bessemer Group Inc. now owns 5,195 shares of the mining company’s stock worth $312,000 after purchasing an additional 1,985 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Barclays reaffirmed an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Finally, Morgan Stanley reissued an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Trading Down 0.9%

Shares of RIO stock opened at $68.12 on Friday. The stock has a market cap of $85.43 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 5.44 and a beta of 0.66. The stock has a 50-day moving average of $63.95 and a 200-day moving average of $60.95. The company has a current ratio of 1.53, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Rio Tinto PLC has a 1-year low of $51.67 and a 1-year high of $69.30.

Rio Tinto Cuts Dividend

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