Azzad Asset Management Inc. ADV Grows Position in Rio Tinto Group (NYSE:RIO)

Azzad Asset Management Inc. ADV increased its holdings in Rio Tinto Group (NYSE:RIO) by 2.1% in the third quarter, HoldingsChannel.com reports. The fund owned 22,153 shares of the mining company’s stock after acquiring an additional 458 shares during the period. Azzad Asset Management Inc. ADV’s holdings in Rio Tinto Group were worth $1,577,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RIO. GHP Investment Advisors Inc. bought a new position in Rio Tinto Group in the second quarter worth $26,000. Northwest Investment Counselors LLC bought a new stake in shares of Rio Tinto Group during the 1st quarter valued at $26,000. Geneos Wealth Management Inc. grew its position in shares of Rio Tinto Group by 55.4% during 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 period. YHB Investment Advisors Inc. bought a new position in Rio Tinto Group in the 1st quarter worth $29,000. Finally, Centerpoint Advisors LLC boosted its holdings in Rio Tinto Group by 110.0% in the 2nd quarter. Centerpoint Advisors LLC now owns 525 shares of the mining company’s stock worth $35,000 after buying an additional 275 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Hsbc Global Res raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 6th. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Finally, HSBC raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Three analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Rio Tinto Group currently has an average rating of “Moderate Buy”.

Rio Tinto Group Price Performance

Shares of RIO opened at $69.61 on Tuesday. Rio Tinto Group has a twelve month low of $59.35 and a twelve month high of $75.09. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. The company has a 50 day moving average of $64.02 and a two-hundred day moving average of $66.15.

Rio Tinto Group Cuts Dividend

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

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. 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.