Oppenheimer & Co. Inc. Raises Holdings in Rio Tinto Group (NYSE:RIO)

Oppenheimer & Co. Inc. grew its holdings in Rio Tinto Group (NYSE:RIO) by 24.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,127 shares of the mining company’s stock after buying an additional 7,037 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Rio Tinto Group were worth $2,382,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Main Street Financial Solutions LLC lifted its holdings in Rio Tinto Group by 3.1% in the second quarter. Main Street Financial Solutions LLC now owns 18,320 shares of the mining company’s stock valued at $1,208,000 after acquiring an additional 550 shares during the period. Eagle Strategies LLC acquired a new stake in shares of Rio Tinto Group in the second quarter valued at about $399,000. American Century Companies Inc. lifted its stake in shares of Rio Tinto Group by 6.5% in the second quarter. American Century Companies Inc. now owns 238,110 shares of the mining company’s stock valued at $15,699,000 after purchasing an additional 14,506 shares during the period. Van Hulzen Asset Management LLC purchased a new stake in Rio Tinto Group during the second quarter worth about $3,327,000. Finally, Chesapeake Capital Corp IL acquired a new position in Rio Tinto Group during the second quarter worth about $647,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RIO. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 6th. Citigroup cut Rio Tinto Group from a “buy” rating to a “neutral” rating in a report on Monday, May 20th. HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Finally, Hsbc Global Res raised shares of Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Five analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy”.

Rio Tinto Group Price Performance

NYSE RIO opened at $63.19 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. Rio Tinto Group has a fifty-two week low of $59.35 and a fifty-two week high of $75.09. The business has a fifty day moving average of $63.43 and a 200-day moving average of $65.70.

Rio Tinto Group Cuts Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, August 16th will be given a dividend of $1.77 per share. This represents a yield of 6.8%. The ex-dividend date of this dividend is Friday, August 16th.

About Rio Tinto Group

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.