Independent Advisor Alliance lifted its stake in Rio Tinto Group (NYSE:RIO – Free Report) by 7.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,228 shares of the mining company’s stock after purchasing an additional 880 shares during the period. Independent Advisor Alliance’s holdings in Rio Tinto Group were worth $839,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its position in shares of Rio Tinto Group by 23.9% during the first quarter. Bank of New York Mellon Corp now owns 61,529 shares of the mining company’s stock worth $4,947,000 after buying an additional 11,879 shares in the last quarter. Cetera Advisor Networks LLC grew its holdings in Rio Tinto Group by 33.8% during the 1st quarter. Cetera Advisor Networks LLC now owns 6,549 shares of the mining company’s stock worth $527,000 after acquiring an additional 1,654 shares in the last quarter. BlackRock Inc. increased its position in shares of Rio Tinto Group by 19.4% in the 1st quarter. BlackRock Inc. now owns 1,539,846 shares of the mining company’s stock valued at $123,803,000 after purchasing an additional 250,480 shares during the last quarter. Vontobel Holding Ltd. purchased a new stake in shares of Rio Tinto Group during the 1st quarter worth $499,000. Finally, Cetera Investment Advisers grew its stake in shares of Rio Tinto Group by 141.7% during the first quarter. Cetera Investment Advisers now owns 13,466 shares of the mining company’s stock worth $1,083,000 after purchasing an additional 7,894 shares in the last quarter. 10.03% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on RIO shares. Argus decreased their target price on Rio Tinto Group from $80.00 to $72.00 in a research note on Wednesday, June 28th. Morgan Stanley raised shares of Rio Tinto Group from an “equal weight” rating to an “overweight” rating in a research report on Friday, May 26th. Citigroup raised shares of Rio Tinto Group from a “neutral” rating to a “buy” rating in a research report on Thursday, June 8th. StockNews.com initiated coverage on Rio Tinto Group in a report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Monday, June 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.00.
Rio Tinto Group Stock Up 2.2 %
RIO stock traded up $1.35 during trading on Monday, hitting $63.85. The company had a trading volume of 2,856,800 shares, compared to its average volume of 3,154,361. The firm has a 50-day moving average price of $63.88 and a 200-day moving average price of $65.31. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.37 and a current ratio of 1.99. Rio Tinto Group has a 1-year low of $50.92 and a 1-year high of $80.51.
Rio Tinto Group Increases Dividend
The business also recently announced a semi-annual dividend, which will be paid on Thursday, September 21st. Stockholders of record on Friday, August 11th will be issued a $1.77 dividend. The ex-dividend date of this dividend is Thursday, August 10th. This represents a dividend yield of 6%. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.10.
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. It offers aluminum, copper, iron ore, diamonds, gold, borates, titanium dioxide, salt, silver, molybdenum, and lithium. The company also owns and operates open pit and underground mines, refineries, smelters, and concentrator facilities, as well as power stations, research, and service facilities.
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