Oppenheimer & Co. Inc. Grows Stock Holdings in Rio Tinto Group (NYSE:RIO)

Oppenheimer & Co. Inc. grew its holdings in shares of Rio Tinto Group (NYSE:RIO) by 24.2% during the second quarter, HoldingsChannel reports. The firm owned 36,127 shares of the mining company’s stock after purchasing an additional 7,037 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Rio Tinto Group were worth $2,382,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in RIO. Main Street Financial Solutions LLC increased its stake in Rio Tinto Group by 3.1% in the second quarter. Main Street Financial Solutions LLC now owns 18,320 shares of the mining company’s stock valued at $1,208,000 after purchasing an additional 550 shares during the last quarter. Eagle Strategies LLC purchased a new stake in Rio Tinto Group in the 2nd quarter valued at about $399,000. American Century Companies Inc. grew its holdings in Rio Tinto Group by 6.5% in the 2nd quarter. American Century Companies Inc. now owns 238,110 shares of the mining company’s stock valued at $15,699,000 after buying an additional 14,506 shares during the period. Van Hulzen Asset Management LLC acquired a new position in shares of Rio Tinto Group during the 2nd quarter valued at about $3,327,000. Finally, Chesapeake Capital Corp IL acquired a new stake in shares of Rio Tinto Group in the second quarter worth approximately $647,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analysts Set New Price Targets

RIO has been the topic of several research reports. Citigroup lowered Rio Tinto Group from a “buy” rating to a “neutral” rating in a research report on Monday, May 20th. Berenberg Bank lowered Rio Tinto Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 27th. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Friday, September 6th. Hsbc Global Res upgraded shares of Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada upgraded shares of Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Price Performance

Shares of RIO stock opened at $63.19 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 firm has a fifty day simple moving average of $63.43 and a 200-day simple moving average of $65.70.

Rio Tinto Group Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Thursday, September 26th. Stockholders of record on Friday, August 16th will be paid a dividend of $1.77 per share. The ex-dividend date of this dividend is 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.