Renaissance Technologies LLC Reduces Holdings in Rio Tinto Group (NYSE:RIO)

Renaissance Technologies LLC lowered its position in shares of Rio Tinto Group (NYSE:RIO) by 99.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,400 shares of the mining company’s stock after selling 670,600 shares during the period. Renaissance Technologies LLC’s holdings in Rio Tinto Group were worth $356,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Russell Investments Group Ltd. raised its stake in shares of Rio Tinto Group by 0.4% during the first quarter. Russell Investments Group Ltd. now owns 39,964 shares of the mining company’s stock valued at $2,547,000 after purchasing an additional 147 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of Rio Tinto Group by 55.4% during the first quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company’s stock valued at $26,000 after purchasing an additional 148 shares during the period. Optas LLC raised its stake in shares of Rio Tinto Group by 4.2% during the first quarter. Optas LLC now owns 3,833 shares of the mining company’s stock valued at $244,000 after purchasing an additional 154 shares during the period. Eagle Bluffs Wealth Management LLC raised its stake in shares of Rio Tinto Group by 1.1% during the second quarter. Eagle Bluffs Wealth Management LLC now owns 14,997 shares of the mining company’s stock valued at $989,000 after purchasing an additional 163 shares during the period. Finally, Bessemer Group Inc. raised its stake in shares of Rio Tinto Group by 2.4% during the first quarter. Bessemer Group Inc. now owns 7,304 shares of the mining company’s stock valued at $465,000 after purchasing an additional 169 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RIO shares. StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 6th. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. HSBC raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Finally, Hsbc Global Res raised shares of Rio Tinto Group to a “strong-buy” rating in a research report on Tuesday, July 23rd. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Rio Tinto Group presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

Rio Tinto Group stock opened at $67.23 on Friday. The company has a fifty day moving average price of $64.35 and a two-hundred day moving average price of $66.24. 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 has a 12 month low of $59.35 and a 12 month high of $75.09.

Rio Tinto Group Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Thursday, September 26th. Shareholders of record on Friday, August 16th were issued a $1.77 dividend. This represents a yield of 6.8%. The ex-dividend date of this dividend was 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.