Rio Tinto PLC $RIO Shares Sold by Eastern Bank

Eastern Bank decreased its position in shares of Rio Tinto PLC (NYSE:RIO) by 20.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,318 shares of the mining company’s stock after selling 348 shares during the period. Eastern Bank’s holdings in Rio Tinto were worth $77,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of RIO. Live Oak Investment Partners boosted its stake in shares of Rio Tinto by 0.8% in the second quarter. Live Oak Investment Partners now owns 19,812 shares of the mining company’s stock valued at $1,156,000 after buying an additional 162 shares in the last quarter. Aspen Wealth Strategies LLC boosted its stake in shares of Rio Tinto by 3.7% in the first quarter. Aspen Wealth Strategies LLC now owns 4,810 shares of the mining company’s stock valued at $289,000 after buying an additional 172 shares in the last quarter. Hamilton Point Investment Advisors LLC boosted its stake in shares of Rio Tinto by 0.4% in the first quarter. Hamilton Point Investment Advisors LLC now owns 44,385 shares of the mining company’s stock valued at $2,767,000 after buying an additional 194 shares in the last quarter. Gallacher Capital Management LLC boosted its stake in shares of Rio Tinto by 3.6% in the first quarter. Gallacher Capital Management LLC now owns 5,740 shares of the mining company’s stock valued at $345,000 after buying an additional 201 shares in the last quarter. Finally, Stonegate Investment Group LLC boosted its stake in shares of Rio Tinto by 3.0% in the first quarter. Stonegate Investment Group LLC now owns 7,025 shares of the mining company’s stock valued at $422,000 after buying an additional 206 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on RIO shares. Barclays reiterated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday. 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. Finally, Deutsche Bank Aktiengesellschaft downgraded Rio Tinto from a “buy” rating to a “hold” rating in a research 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 issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Stock Performance

NYSE RIO opened at $65.47 on Monday. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $68.80. The stock has a market cap of $82.10 billion, a price-to-earnings ratio of 10.15, a price-to-earnings-growth ratio of 4.59 and a beta of 0.66. The business has a fifty day moving average of $63.16 and a 200-day moving average of $60.68. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

Rio Tinto Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Thursday, September 25th. Stockholders of record on Friday, August 15th were issued a $1.48 dividend. This represents a dividend yield of 620.0%. The ex-dividend date of this dividend was Friday, August 15th. Rio Tinto’s payout ratio is 45.74%.

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.