First City Capital Management Inc. Boosts Stock Position in Rio Tinto Group (NYSE:RIO)

First City Capital Management Inc. raised its holdings in shares of Rio Tinto Group (NYSE:RIO) by 118.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,178 shares of the mining company’s stock after acquiring an additional 8,230 shares during the quarter. First City Capital Management Inc.’s holdings in Rio Tinto Group were worth $1,001,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RIO. GHP Investment Advisors Inc. purchased a new stake in shares of Rio Tinto Group during the 2nd quarter worth approximately $26,000. Northwest Investment Counselors LLC purchased a new position in shares of Rio Tinto Group during the first quarter worth about $26,000. Geneos Wealth Management Inc. increased its position 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 worth $26,000 after purchasing an additional 148 shares in the last quarter. YHB Investment Advisors Inc. purchased a new stake in shares of Rio Tinto Group in the 1st quarter valued at about $29,000. Finally, LifeSteps Financial Inc. acquired a new stake in shares of Rio Tinto Group in the 1st quarter valued at about $33,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on RIO shares. Hsbc Global Res raised Rio Tinto Group to a “strong-buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. Berenberg Bank downgraded shares of Rio Tinto Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 27th. HSBC upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Finally, StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 6th. 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy”.

Rio Tinto Group Trading Down 2.5 %

Rio Tinto Group stock opened at $63.57 on Friday. Rio Tinto Group has a one year low of $59.35 and a one year high of $75.09. The business has a fifty day moving average of $63.10 and a two-hundred day moving average of $65.67. 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 Cuts Dividend

The business also recently announced 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 yield of 6.8%.

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.