Rio Tinto Group (NYSE:RIO) Shares Gap Up to $62.00

Rio Tinto Group (NYSE:RIO - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $62.00, but opened at $63.51. Rio Tinto Group shares last traded at $63.27, with a volume of 440,056 shares trading hands.

Analyst Ratings Changes

A number of analysts recently weighed in on RIO shares. HSBC raised shares of Rio Tinto Group from a "hold" rating to a "buy" rating in a research note on Tuesday, July 23rd. Berenberg Bank downgraded shares of Rio Tinto Group from a "buy" rating to a "hold" rating in a report on Thursday, June 27th. Citigroup lowered Rio Tinto Group from a "buy" rating to a "neutral" rating in a research note on Monday, May 20th. StockNews.com raised Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 21st. 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, five have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy".

Rio Tinto Group Stock Up 2.2 %

The firm's 50 day moving average is $65.12 and its 200-day moving average is $66.32. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 0.23.

Rio Tinto Group Cuts Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 26th. Shareholders of record on Friday, August 16th will be given a $1.77 dividend. The ex-dividend date is Friday, August 16th. This represents a dividend yield of 6.8%.

Hedge Funds Weigh In On Rio Tinto Group

A number of large investors have recently bought and sold shares of the business. Meritage Portfolio Management lifted its holdings in Rio Tinto Group by 0.3% during the fourth quarter. Meritage Portfolio Management now owns 42,192 shares of the mining company's stock valued at $3,142,000 after purchasing an additional 147 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Rio Tinto Group by 0.4% during the first quarter. Russell Investments Group Ltd. now owns 39,964 shares of the mining company's stock valued at $2,547,000 after acquiring an additional 147 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of Rio Tinto Group by 55.4% during the first 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 last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Rio Tinto Group by 8.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,922 shares of the mining company's stock valued at $143,000 after acquiring an additional 150 shares in the last quarter. Finally, Optas LLC boosted its stake in shares of Rio Tinto Group by 4.2% in the first quarter. Optas LLC now owns 3,833 shares of the mining company's stock worth $244,000 after acquiring an additional 154 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company's stock.

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.