Rio Tinto PLC $RIO Shares Sold by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI lowered its stake in Rio Tinto PLC (NYSE:RIO) by 29.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,575 shares of the mining company’s stock after selling 3,500 shares during the period. Parsons Capital Management Inc. RI’s holdings in Rio Tinto were worth $500,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in Rio Tinto by 8,119.5% in the first quarter. GAMMA Investing LLC now owns 152,964 shares of the mining company’s stock valued at $9,190,000 after buying an additional 151,103 shares during the last quarter. NBC Securities Inc. raised its position in shares of Rio Tinto by 103,100.0% during the 1st quarter. NBC Securities Inc. now owns 1,032 shares of the mining company’s stock worth $62,000 after acquiring an additional 1,031 shares in the last quarter. Merit Financial Group LLC purchased a new stake in Rio Tinto during the first quarter worth approximately $251,000. RFG Advisory LLC acquired a new position in Rio Tinto in the first quarter valued at approximately $831,000. Finally, Davis Capital Management boosted its holdings in Rio Tinto by 14.9% in the first quarter. Davis Capital Management now owns 17,031 shares of the mining company’s stock valued at $1,023,000 after purchasing an additional 2,203 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

RIO has been the topic of a number of research analyst reports. 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 report on Saturday, September 27th. Deutsche Bank Aktiengesellschaft lowered Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research note on Monday, July 14th. Finally, Barclays reiterated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Stock Down 0.3%

RIO opened at $66.03 on Friday. 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 PLC has a 12 month low of $51.67 and a 12 month high of $69.92. The stock has a market capitalization of $82.82 billion, a P/E ratio of 10.24, a P/E/G ratio of 4.76 and a beta of 0.66. The business has a 50 day simple moving average of $62.56 and a 200-day simple moving average of $60.57.

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 was Friday, August 15th. Rio Tinto’s dividend payout ratio (DPR) is currently 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.