Whalen Wealth Management Inc. Makes New Investment in Rio Tinto PLC $RIO

Whalen Wealth Management Inc. acquired a new position in shares of Rio Tinto PLC (NYSE:RIO) in the second quarter, Holdings Channel reports. The fund acquired 8,091 shares of the mining company’s stock, valued at approximately $472,000.

A number of other hedge funds also recently added to or reduced their stakes in RIO. Wayfinding Financial LLC acquired a new stake in Rio Tinto during the 1st quarter worth 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. Resources Management Corp CT ADV acquired a new stake in shares of Rio Tinto in the 1st quarter valued at approximately $48,000. Finally, Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Rio Tinto by 65.1% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 852 shares of the mining company’s stock valued at $51,000 after buying an additional 336 shares during the period. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Berenberg Bank reissued a “hold” rating on shares of Rio Tinto in a report on Thursday, July 3rd. Barclays reissued an “overweight” rating on shares of Rio Tinto in a report on Wednesday, July 2nd. Zacks Research raised Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Rio Tinto in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Stock Up 1.4%

Shares of RIO stock opened at $71.96 on Wednesday. The stock has a fifty day moving average price of $65.12 and a 200 day moving average price of $61.75. Rio Tinto PLC has a 1 year low of $51.67 and a 1 year high of $72.20. 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 company also recently disclosed a semi-annual dividend, which was paid on Thursday, September 25th. Investors of record on Friday, August 15th were issued 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 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.