First Hawaiian Bank Cuts Stake in Rio Tinto PLC $RIO

First Hawaiian Bank decreased its stake in Rio Tinto PLC (NYSE:RIO) by 17.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,295 shares of the mining company’s stock after selling 2,172 shares during the period. First Hawaiian Bank’s holdings in Rio Tinto were worth $619,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Amundi boosted its holdings in Rio Tinto by 224.0% in the 1st quarter. Amundi now owns 230,891 shares of the mining company’s stock worth $13,491,000 after acquiring an additional 159,636 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Rio Tinto by 24.2% during the first quarter. Farther Finance Advisors LLC now owns 4,023 shares of the mining company’s stock worth $242,000 after purchasing an additional 785 shares in the last quarter. Merit Financial Group LLC purchased a new position in shares of Rio Tinto in the first quarter valued at $251,000. Bessemer Group Inc. grew its holdings in Rio Tinto by 61.8% during the 1st quarter. Bessemer Group Inc. now owns 5,195 shares of the mining company’s stock valued at $312,000 after purchasing an additional 1,985 shares in the last quarter. Finally, Stratos Wealth Partners LTD. grew its holdings in Rio Tinto by 3.1% during the 1st quarter. Stratos Wealth Partners LTD. now owns 12,903 shares of the mining company’s stock valued at $775,000 after purchasing an additional 388 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Price Performance

Shares of RIO opened at $62.39 on Monday. The firm has a market capitalization of $78.25 billion, a price-to-earnings ratio of 9.67 and a beta of 0.66. The stock’s fifty day moving average is $61.50 and its 200-day moving average is $60.33. Rio Tinto PLC has a one year low of $51.67 and a one year high of $72.08. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53.

Rio Tinto Cuts Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, September 25th. Shareholders of record on Friday, August 15th will be given a dividend of $1.48 per share. This represents a dividend yield of 620.0%. The ex-dividend date is Friday, August 15th. Rio Tinto’s payout ratio is 45.74%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RIO shares. Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto in a report on Tuesday, June 3rd. Barclays reiterated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research note on Monday, July 14th. Deutsche Bank Aktiengesellschaft downgraded shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Finally, Berenberg Bank restated a “hold” rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

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.