NewEdge Advisors LLC Purchases 84,574 Shares of Rio Tinto Group (NYSE:RIO)

NewEdge Advisors LLC grew its position in Rio Tinto Group (NYSE:RIO) by 289.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 113,800 shares of the mining company’s stock after purchasing an additional 84,574 shares during the quarter. NewEdge Advisors LLC’s holdings in Rio Tinto Group were worth $7,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Bank of Montreal Can boosted its position in shares of Rio Tinto Group by 237.0% in the second quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock worth $164,493,000 after purchasing an additional 1,738,752 shares during the period. Natixis Advisors LLC boosted its position in shares of Rio Tinto Group by 8.7% during the second quarter. Natixis Advisors LLC now owns 695,731 shares of the mining company’s stock worth $45,870,000 after acquiring an additional 55,967 shares during the last quarter. First City Capital Management Inc. boosted its position in shares of Rio Tinto Group by 118.5% during the second quarter. First City Capital Management Inc. now owns 15,178 shares of the mining company’s stock worth $1,001,000 after acquiring an additional 8,230 shares during the last quarter. QRG Capital Management Inc. boosted its position in shares of Rio Tinto Group by 38.1% during the second quarter. QRG Capital Management Inc. now owns 95,497 shares of the mining company’s stock worth $6,296,000 after acquiring an additional 26,329 shares during the last quarter. Finally, Capstone Investment Advisors LLC bought a new position in shares of Rio Tinto Group during the first quarter worth $1,734,000. 19.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Rio Tinto Group Trading Down 0.1 %

Shares of RIO opened at $71.17 on Tuesday. Rio Tinto Group has a twelve month low of $59.35 and a twelve month high of $75.09. The company has a market cap of $89.14 billion, a P/E ratio of 10.18, a P/E/G ratio of 0.39 and a beta of 0.66. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The company’s fifty day simple moving average is $63.52 and its 200-day simple moving average is $65.93.

Rio Tinto Group Cuts Dividend

The company also recently announced a semi-annual dividend, which was paid on Thursday, September 26th. Stockholders of record on Friday, August 16th were paid a $1.77 dividend. This represents a dividend yield of 6.8%. The ex-dividend date of this dividend was Friday, August 16th. Rio Tinto Group’s dividend payout ratio is currently 50.50%.

Rio Tinto Group Company 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.