Rio Tinto Group (NYSE:RIO) Shares Gap Up to $61.22

Rio Tinto Group (NYSE:RIO)’s share price gapped up prior to trading on Monday . The stock had previously closed at $61.22, but opened at $63.49. Rio Tinto Group shares last traded at $63.34, with a volume of 485,700 shares trading hands.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. upgraded Rio Tinto Group from an “underweight” rating to a “neutral” rating in a research report on Monday, May 15th. Argus decreased their price objective on Rio Tinto Group from $80.00 to $72.00 in a report on Wednesday, June 28th. Citigroup upgraded Rio Tinto Group from a “neutral” rating to a “buy” rating in a report on Thursday, June 8th. Morgan Stanley raised Rio Tinto Group from an “equal weight” rating to an “overweight” rating in a research report on Friday, May 26th. Finally, Deutsche Bank Aktiengesellschaft upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Monday, June 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

Rio Tinto Group Stock Up 3.2 %

The company has a current ratio of 1.99, a quick ratio of 1.37 and a debt-to-equity ratio of 0.25. The stock has a 50-day moving average price of $63.74 and a 200-day moving average price of $64.89.

Rio Tinto Group Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 21st. Investors of record on Friday, August 11th will be issued a dividend of $1.77 per share. This represents a dividend yield of 6%. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.10. The ex-dividend date is Thursday, August 10th.

Hedge Funds Weigh In On Rio Tinto Group

Large investors have recently bought and sold shares of the stock. Park Avenue Securities LLC boosted its position in shares of Rio Tinto Group by 1.2% during the second quarter. Park Avenue Securities LLC now owns 12,265 shares of the mining company’s stock valued at $783,000 after purchasing an additional 148 shares in the last quarter. Ambassador Advisors LLC boosted its holdings in Rio Tinto Group by 3.6% in the fourth quarter. Ambassador Advisors LLC now owns 4,398 shares of the mining company’s stock worth $313,000 after acquiring an additional 153 shares in the last quarter. Fulton Bank N.A. boosted its holdings in Rio Tinto Group by 2.8% in the first quarter. Fulton Bank N.A. now owns 5,731 shares of the mining company’s stock worth $393,000 after acquiring an additional 154 shares in the last quarter. Allworth Financial LP boosted its holdings in Rio Tinto Group by 66.8% in the second quarter. Allworth Financial LP now owns 397 shares of the mining company’s stock worth $25,000 after acquiring an additional 159 shares in the last quarter. Finally, Whittier Trust Co. boosted its holdings in Rio Tinto Group by 1.1% in the first quarter. Whittier Trust Co. now owns 15,118 shares of the mining company’s stock worth $1,037,000 after acquiring an additional 162 shares in the last quarter. 10.03% of the stock is owned by hedge funds and other institutional investors.

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. 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.