Rio Tinto Group (NYSE:RIO) Position Cut by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its stake in Rio Tinto Group (NYSE:RIO) by 99.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,400 shares of the mining company’s stock after selling 670,600 shares during the quarter. Renaissance Technologies LLC’s holdings in Rio Tinto Group were worth $356,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wellington Management Group LLP raised its stake in shares of Rio Tinto Group by 7.1% during the fourth quarter. Wellington Management Group LLP now owns 24,838,524 shares of the mining company’s stock valued at $1,849,476,000 after purchasing an additional 1,644,751 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Rio Tinto Group by 2.9% during the fourth quarter. Fisher Asset Management LLC now owns 16,019,748 shares of the mining company’s stock valued at $1,192,830,000 after purchasing an additional 449,536 shares in the last quarter. Earnest Partners LLC raised its stake in shares of Rio Tinto Group by 1.4% during the first quarter. Earnest Partners LLC now owns 1,395,961 shares of the mining company’s stock valued at $88,979,000 after purchasing an additional 19,334 shares in the last quarter. National Bank of Canada FI raised its stake in shares of Rio Tinto Group by 296.2% during the first quarter. National Bank of Canada FI now owns 1,022,765 shares of the mining company’s stock valued at $71,382,000 after purchasing an additional 764,635 shares in the last quarter. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its stake in shares of Rio Tinto Group by 22.7% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 978,859 shares of the mining company’s stock valued at $62,392,000 after purchasing an additional 180,874 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Rio Tinto Group Trading Up 0.6 %

Shares of RIO opened at $67.23 on Friday. The business’s 50-day moving average price is $64.35 and its 200 day moving average price is $66.24. Rio Tinto Group has a 1-year low of $59.35 and a 1-year high of $75.09. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16.

Rio Tinto Group Cuts Dividend

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