Massachusetts Financial Services Co. MA Grows Stock Position in Rio Tinto Group (NYSE:RIO)

Massachusetts Financial Services Co. MA lifted its holdings in shares of Rio Tinto Group (NYSE:RIO) by 3.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 128,617 shares of the mining company’s stock after acquiring an additional 4,023 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Rio Tinto Group were worth $8,480,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of RIO. Northwest Investment Counselors LLC acquired a new position in shares of Rio Tinto Group in the first quarter valued at about $26,000. Geneos Wealth Management Inc. increased its holdings in Rio Tinto Group by 55.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company’s stock worth $26,000 after buying an additional 148 shares during the period. GHP Investment Advisors Inc. purchased a new position in Rio Tinto Group during the 2nd quarter worth approximately $26,000. YHB Investment Advisors Inc. acquired a new stake in Rio Tinto Group during the 1st quarter valued at approximately $29,000. Finally, LifeSteps Financial Inc. acquired a new stake in shares of Rio Tinto Group in the first quarter worth $33,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Stock Down 2.5 %

Shares of RIO opened at $63.57 on Friday. The stock has a 50 day moving average price of $63.10 and a 200 day moving average price of $65.67. Rio Tinto Group has a one year low of $59.35 and a one year high of $75.09. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Rio Tinto Group Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RIO. HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada upgraded Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Friday, September 6th. Berenberg Bank downgraded shares of Rio Tinto Group from a “buy” rating to a “hold” rating in a report on Thursday, June 27th. Finally, Hsbc Global Res raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Profile

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.