Rio Tinto Group (NYSE:RIO) Sees Large Volume Increase

Shares of Rio Tinto Group (NYSE:RIO) saw strong trading volume on Thursday . 1,370,728 shares changed hands during trading, a decline of 49% from the previous session’s volume of 2,674,820 shares.The stock last traded at $64.88 and had previously closed at $62.91.

Analysts Set New Price Targets

RIO has been the subject of several recent analyst reports. HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Hsbc Global Res upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research report on Tuesday, July 23rd. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Friday, September 6th. Finally, Berenberg Bank cut Rio Tinto Group from a “buy” rating to a “hold” rating in a report on Thursday, June 27th. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Rio Tinto Group has a consensus rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

The company’s 50 day moving average price is $63.10 and its 200-day moving average price is $65.66. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 0.23.

Rio Tinto Group Cuts Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, September 26th. Shareholders of record on Friday, August 16th will be issued a $1.77 dividend. The ex-dividend date is Friday, August 16th. This represents a dividend yield of 6.8%.

Institutional Investors Weigh In On Rio Tinto Group

Several large investors have recently modified their holdings of RIO. Sanctuary Advisors LLC acquired a new position in shares of Rio Tinto Group in the 2nd quarter valued at $1,910,000. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Rio Tinto Group by 8.9% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 650,180 shares of the mining company’s stock worth $42,867,000 after buying an additional 53,000 shares during the period. Ted Buchan & Co purchased a new position in shares of Rio Tinto Group in the second quarter worth approximately $1,161,000. EP Wealth Advisors LLC raised its holdings in shares of Rio Tinto Group by 22.0% during the second quarter. EP Wealth Advisors LLC now owns 5,240 shares of the mining company’s stock valued at $345,000 after acquiring an additional 945 shares during the period. Finally, B. Riley Wealth Advisors Inc. boosted its stake in Rio Tinto Group by 10.0% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 31,080 shares of the mining company’s stock worth $2,049,000 after purchasing an additional 2,823 shares during the period. 19.33% of the stock is owned by institutional investors.

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.