Rio Tinto PLC $RIO Stock Position Decreased by Forum Financial Management LP

Forum Financial Management LP lessened its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 29.5% in the second quarter, Holdings Channel.com reports. The institutional investor owned 5,853 shares of the mining company’s stock after selling 2,446 shares during the quarter. Forum Financial Management LP’s holdings in Rio Tinto were worth $341,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Pacific Heights Asset Management LLC grew its position in Rio Tinto by 8.3% in the 2nd quarter. Pacific Heights Asset Management LLC now owns 325,000 shares of the mining company’s stock worth $18,957,000 after purchasing an additional 25,000 shares during the last quarter. FNY Investment Advisers LLC bought a new position in Rio Tinto in the 2nd quarter worth about $138,000. D.A. Davidson & CO. grew its position in Rio Tinto by 2.4% in the 2nd quarter. D.A. Davidson & CO. now owns 103,243 shares of the mining company’s stock worth $6,022,000 after purchasing an additional 2,434 shares during the last quarter. Blume Capital Management Inc. grew its position in Rio Tinto by 1.0% in the 2nd quarter. Blume Capital Management Inc. now owns 67,743 shares of the mining company’s stock worth $3,951,000 after purchasing an additional 685 shares during the last quarter. Finally, Cullen Frost Bankers Inc. grew its position in Rio Tinto by 59.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 168,017 shares of the mining company’s stock worth $9,800,000 after purchasing an additional 62,370 shares during the last quarter. Institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RIO shares. Deutsche Bank Aktiengesellschaft cut shares of Rio Tinto from a “buy” rating to a “hold” rating in a research report on Wednesday, July 30th. Berenberg Bank restated a “hold” rating on shares of Rio Tinto in a research report on Thursday, July 3rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rio Tinto in a research note on Saturday. Morgan Stanley reaffirmed an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Finally, Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Three equities research 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 company. According to MarketBeat.com, Rio Tinto presently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Stock Down 0.0%

RIO stock opened at $70.59 on Monday. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $71.24. The firm has a market cap of $88.53 billion, a PE ratio of 10.94, a P/E/G ratio of 5.60 and a beta of 0.66. The firm has a 50 day simple moving average of $64.68 and a 200 day simple moving average of $61.53. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03.

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 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.