Ritholtz Wealth Management Sells 1,234 Shares of Rio Tinto Group (NYSE:RIO)

Ritholtz Wealth Management cut its stake in shares of Rio Tinto Group (NYSE:RIOGet Rating) by 3.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,727 shares of the mining company’s stock after selling 1,234 shares during the period. Ritholtz Wealth Management’s holdings in Rio Tinto Group were worth $1,935,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New Hampshire grew its holdings in shares of Rio Tinto Group by 239.4% during the second quarter. Bank of New Hampshire now owns 638 shares of the mining company’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Checchi Capital Advisers LLC grew its holdings in shares of Rio Tinto Group by 7.0% during the first quarter. Checchi Capital Advisers LLC now owns 9,462 shares of the mining company’s stock worth $761,000 after purchasing an additional 623 shares in the last quarter. Rothschild Investment Corp IL purchased a new position in shares of Rio Tinto Group during the first quarter worth about $418,000. Koshinski Asset Management Inc. grew its holdings in shares of Rio Tinto Group by 68.0% during the first quarter. Koshinski Asset Management Inc. now owns 1,623 shares of the mining company’s stock worth $130,000 after purchasing an additional 657 shares in the last quarter. Finally, Financial Counselors Inc. boosted its stake in Rio Tinto Group by 3.9% in the first quarter. Financial Counselors Inc. now owns 5,744 shares of the mining company’s stock worth $462,000 after buying an additional 218 shares in the last quarter. 10.05% of the stock is currently owned by institutional investors.

Rio Tinto Group Stock Down 6.2 %

Shares of Rio Tinto Group stock traded down $3.43 during midday trading on Friday, reaching $51.92. 240,932 shares of the company’s stock traded hands, compared to its average volume of 3,164,329. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.79 and a quick ratio of 1.34. The stock has a 50 day moving average of $58.03 and a 200-day moving average of $66.62. Rio Tinto Group has a 12 month low of $53.21 and a 12 month high of $84.69.

Rio Tinto Group Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, September 22nd. Investors of record on Friday, August 12th were issued a dividend of $2.67 per share. The ex-dividend date was Thursday, August 11th. This represents a dividend yield of 11.4%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RIO. JPMorgan Chase & Co. upped their target price on Rio Tinto Group from GBX 5,300 ($64.04) to GBX 5,350 ($64.64) in a research note on Thursday, July 28th. Morgan Stanley cut their target price on Rio Tinto Group from GBX 5,990 ($72.38) to GBX 5,900 ($71.29) and set an “overweight” rating for the company in a research note on Tuesday, August 16th. Berenberg Bank upped their target price on Rio Tinto Group from GBX 4,100 ($49.54) to GBX 4,300 ($51.96) in a research note on Friday, July 29th. Credit Suisse Group reaffirmed an “outperform” rating on shares of Rio Tinto Group in a research note on Wednesday, July 6th. Finally, UBS Group cut their target price on Rio Tinto Group from GBX 4,400 ($53.17) to GBX 4,300 ($51.96) in a research note on Thursday, July 28th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $4,345.71.

About Rio Tinto Group

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Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company offers aluminum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and lithium. It also owns and operates open pit and underground mines, mills, refineries, smelters, power stations, and research and service facilities.

Further Reading

Institutional Ownership by Quarter for Rio Tinto Group (NYSE:RIO)

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