Walter & Keenan Wealth Management LLC IN ADV raised its holdings in shares of Rio Tinto Group (NYSE:RIO – Get Rating) by 15.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,500 shares of the mining company's stock after buying an additional 600 shares during the quarter. Walter & Keenan Wealth Management LLC IN ADV's holdings in Rio Tinto Group were worth $275,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Schroder Investment Management Group purchased a new position in shares of Rio Tinto Group in the 4th quarter worth about $298,000. Rockefeller Capital Management L.P. lifted its stake in shares of Rio Tinto Group by 5.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 11,520 shares of the mining company's stock valued at $770,000 after acquiring an additional 637 shares during the last quarter. Bridgewater Associates LP lifted its stake in shares of Rio Tinto Group by 23.0% in the 4th quarter. Bridgewater Associates LP now owns 37,842 shares of the mining company's stock valued at $2,533,000 after acquiring an additional 7,065 shares during the last quarter. Commerce Bank lifted its stake in shares of Rio Tinto Group by 71.5% in the 4th quarter. Commerce Bank now owns 9,908 shares of the mining company's stock valued at $663,000 after acquiring an additional 4,130 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new stake in shares of Rio Tinto Group in the 4th quarter valued at about $4,352,000. 10.05% of the stock is currently owned by hedge funds and other institutional investors.
Get Rio Tinto Group alerts:Rio Tinto Group Stock Performance
Shares of RIO stock traded up $1.31 during midday trading on Thursday, reaching $55.18. 6,326,277 shares of the stock were exchanged, compared to its average volume of 4,087,100. Rio Tinto Group has a 1 year low of $50.92 and a 1 year high of $84.69. The company's 50 day moving average is $57.69 and its two-hundred day moving average is $65.97. The company has a quick ratio of 1.34, a current ratio of 1.79 and a debt-to-equity ratio of 0.21.
Rio Tinto Group Cuts Dividend
The company also recently announced a semi-annual dividend, which was paid on Thursday, September 22nd. Shareholders of record on Friday, August 12th were issued a dividend of $2.67 per share. The ex-dividend date of this dividend was Thursday, August 11th. This represents a dividend yield of 11.4%.Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on RIO shares. Jefferies Financial Group raised Rio Tinto Group from a "hold" rating to a "buy" rating in a research note on Tuesday, June 7th. Credit Suisse Group reissued an "outperform" rating on shares of Rio Tinto Group in a research note on Wednesday, July 6th. Macquarie lowered Rio Tinto Group from an "outperform" rating to a "neutral" rating in a research note on Tuesday, August 23rd. JPMorgan Chase & Co. boosted their target price on Rio Tinto Group from GBX 5,350 ($64.64) to GBX 5,580 ($67.42) in a research note on Monday. Finally, Berenberg Bank upped their price target on Rio Tinto Group from GBX 4,100 ($49.54) to GBX 4,300 ($51.96) in a research report on Friday, July 29th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Rio Tinto Group has an average rating of "Hold" and a consensus target price of $4,378.57.
Rio Tinto Group Company Profile
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Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company offers aluminum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and lithium. It also owns and operates open pit and underground mines, mills, refineries, smelters, power stations, and research and service facilities.
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