Rio Tinto Group (NYSE:RIO) Shares Gap Down to $63.27

Rio Tinto Group (NYSE:RIO) gapped down prior to trading on Tuesday . The stock had previously closed at $63.27, but opened at $61.00. Rio Tinto Group shares last traded at $60.47, with a volume of 1,098,240 shares.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. HSBC raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Hsbc Global Res upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 29th. Citigroup cut Rio Tinto Group from a “buy” rating to a “neutral” rating in a report on Monday, May 20th. Finally, Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

Rio Tinto Group Stock Up 0.7 %

The company has a 50-day moving average of $64.35 and a 200 day moving average of $65.95. 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. Stockholders of record on Friday, August 16th will be issued a $1.77 dividend. This represents a dividend yield of 6.8%. The ex-dividend date is Friday, August 16th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RIO. Russell Investments Group Ltd. grew 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 buying an additional 147 shares during the last quarter. Geneos Wealth Management Inc. grew its position 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 valued at $26,000 after acquiring an additional 148 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Rio Tinto Group by 8.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,922 shares of the mining company’s stock worth $143,000 after purchasing an additional 150 shares during the period. Optas LLC lifted its position 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 worth $244,000 after purchasing an additional 154 shares during the last quarter. Finally, Eagle Bluffs Wealth Management LLC lifted its holdings in Rio Tinto Group by 1.1% during the 2nd quarter. Eagle Bluffs Wealth Management LLC now owns 14,997 shares of the mining company’s stock valued at $989,000 after buying an additional 163 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

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.