Traynor Capital Management Inc. Cuts Position in Rio Tinto Group (NYSE:RIO)

Traynor Capital Management Inc. lessened its position in shares of Rio Tinto Group (NYSE:RIO) by 22.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,447 shares of the mining company’s stock after selling 1,254 shares during the period. Traynor Capital Management Inc.’s holdings in Rio Tinto Group were worth $293,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Northwest Investment Counselors LLC purchased a new stake in Rio Tinto Group during the first quarter worth approximately $26,000. Geneos Wealth Management Inc. grew its position in shares of Rio Tinto Group by 55.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company’s stock valued at $26,000 after buying an additional 148 shares during the last quarter. YHB Investment Advisors Inc. acquired a new stake in Rio Tinto Group during the 1st quarter worth $29,000. Accordant Advisory Group Inc purchased a new stake in Rio Tinto Group in the first quarter valued at $31,000. Finally, LifeSteps Financial Inc. purchased a new stake in Rio Tinto Group in the first quarter valued at $33,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Group Trading Up 0.4 %

Shares of RIO stock traded up $0.28 during trading hours on Friday, reaching $63.02. 2,847,032 shares of the company’s stock were exchanged, compared to its average volume of 2,721,173. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a 1 year low of $59.80 and a 1 year high of $75.09. The company’s 50 day moving average is $64.96 and its two-hundred day moving average is $66.26.

Rio Tinto Group Cuts Dividend

The firm 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. This represents a yield of 6.8%. The ex-dividend date is Friday, August 16th.

Analysts Set New Price Targets

RIO has been the topic of a number of research analyst reports. Berenberg Bank downgraded Rio Tinto Group from a “buy” rating to a “hold” rating in a report on Thursday, June 27th. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 21st. Royal Bank of Canada upgraded shares of Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. Hsbc Global Res raised Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. Finally, HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Five research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rio Tinto Group presently has a consensus rating of “Moderate Buy”.

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.