Rio Tinto PLC $RIO Shares Sold by Octavia Wealth Advisors LLC

Octavia Wealth Advisors LLC cut its holdings in Rio Tinto PLC (NYSE:RIO) by 8.0% in the second quarter, HoldingsChannel reports. The institutional investor owned 4,424 shares of the mining company’s stock after selling 386 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in Rio Tinto were worth $258,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of RIO. Amundi boosted its stake 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. Farther Finance Advisors LLC lifted its stake in shares of Rio Tinto by 24.2% during the first quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company’s stock worth $242,000 after buying an additional 785 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Rio Tinto during the first quarter valued at $357,000. Acadian Asset Management LLC increased its position in shares of Rio Tinto by 37.9% in the 1st quarter. Acadian Asset Management LLC now owns 57,595 shares of the mining company’s stock valued at $3,458,000 after acquiring an additional 15,839 shares during the period. Finally, Merit Financial Group LLC purchased a new position in Rio Tinto in the 1st quarter worth $251,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research note on Monday, July 14th. Berenberg Bank reiterated a “hold” rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Finally, Barclays reiterated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Rio Tinto presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Stock Up 2.5%

RIO stock opened at $65.47 on Friday. 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 quick ratio of 1.03 and a current ratio of 1.53. The firm’s fifty day moving average is $62.23 and its 200 day moving average is $60.43. The firm has a market cap of $82.10 billion, a PE ratio of 10.15 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. Investors of record on Friday, August 15th were paid 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 currently 45.74%.

Rio Tinto Company 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.