Ritholtz Wealth Management Trims Stock Position in Rio Tinto Group (NYSE:RIO)

Ritholtz Wealth Management reduced its stake in Rio Tinto Group (NYSE:RIO) by 25.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,575 shares of the mining company’s stock after selling 21,875 shares during the quarter. Ritholtz Wealth Management’s holdings in Rio Tinto Group were worth $4,453,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Bank of Montreal Can increased its stake in Rio Tinto Group by 237.0% in the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after buying an additional 1,738,752 shares during the period. Natixis Advisors LLC lifted its holdings in shares of Rio Tinto Group by 8.7% in the 2nd quarter. Natixis Advisors LLC now owns 695,731 shares of the mining company’s stock valued at $45,870,000 after buying an additional 55,967 shares during the period. First City Capital Management Inc. boosted its stake in shares of Rio Tinto Group by 118.5% in the second quarter. First City Capital Management Inc. now owns 15,178 shares of the mining company’s stock valued at $1,001,000 after buying an additional 8,230 shares in the last quarter. QRG Capital Management Inc. grew its holdings in 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 period. Finally, Capstone Investment Advisors LLC purchased a new position in Rio Tinto Group in the first quarter worth $1,734,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analysts Set New Price Targets

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

Rio Tinto Group Price Performance

NYSE:RIO traded up $0.39 during trading hours on Friday, reaching $67.23. 3,490,044 shares of the company traded hands, compared to its average volume of 2,759,185. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. The firm’s 50-day moving average is $64.35 and its 200-day moving average is $66.24. Rio Tinto Group has a 1-year low of $59.35 and a 1-year high of $75.09.

Rio Tinto Group Cuts Dividend

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

Rio Tinto Group 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.