Cullen Frost Bankers Inc. Has $9.80 Million Holdings in Rio Tinto PLC $RIO

Cullen Frost Bankers Inc. raised its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 59.0% during the second quarter, HoldingsChannel.com reports. The firm owned 168,017 shares of the mining company’s stock after acquiring an additional 62,370 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Rio Tinto were worth $9,800,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in RIO. Alpine Bank Wealth Management acquired a new position in Rio Tinto during the 1st quarter valued at about $30,000. Wayfinding Financial LLC acquired a new stake in shares of Rio Tinto in the 1st quarter valued at approximately $30,000. Pandora Wealth Inc. acquired a new stake in shares of Rio Tinto in the 1st quarter valued at approximately $30,000. Hilltop National Bank acquired a new stake in shares of Rio Tinto in the 2nd quarter valued at approximately $44,000. Finally, Resources Management Corp CT ADV acquired a new stake in shares of Rio Tinto in the 1st quarter valued at approximately $48,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RIO. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Berenberg Bank reiterated a “hold” rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Finally, Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Three investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Price Performance

NYSE RIO opened at $69.80 on Thursday. The business has a 50 day simple moving average of $64.33 and a 200 day simple moving average of $61.18. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $70.12. 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 stock has a market cap of $87.53 billion, a price-to-earnings ratio of 10.82, a PEG ratio of 5.43 and a beta of 0.66.

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. This represents a yield of 620.0%. The ex-dividend date of this dividend was Friday, August 15th. Rio Tinto’s dividend payout ratio is presently 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.