Raymond James & Associates Sells 83,868 Shares of Rio Tinto Group (NYSE:RIO)

Raymond James & Associates lowered its stake in Rio Tinto Group (NYSE:RIO - Free Report) by 16.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 428,104 shares of the mining company's stock after selling 83,868 shares during the quarter. Raymond James & Associates' holdings in Rio Tinto Group were worth $28,225,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Meritage Portfolio Management grew its stake in Rio Tinto Group by 0.3% during the 4th quarter. Meritage Portfolio Management now owns 42,192 shares of the mining company's stock valued at $3,142,000 after acquiring an additional 147 shares in the last quarter. Russell Investments Group Ltd. grew its stake in Rio Tinto Group by 0.4% during the 1st 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 in the last quarter. Geneos Wealth Management Inc. grew its stake in 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 in the last quarter. EverSource Wealth Advisors LLC grew its stake in Rio Tinto Group by 8.5% during the 4th 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 grew its stake in Rio Tinto Group by 4.2% during the 1st quarter. Optas LLC now owns 3,833 shares of the mining company's stock valued at $244,000 after acquiring an additional 154 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RIO shares. Berenberg Bank cut Rio Tinto Group from a "buy" rating to a "hold" rating in a research note on Thursday, June 27th. Royal Bank of Canada raised Rio Tinto Group to a "hold" rating in a research note on Wednesday, July 31st. Hsbc Global Res raised Rio Tinto Group to a "strong-buy" rating in a research note on Tuesday, July 23rd. HSBC raised Rio Tinto Group from a "hold" rating to a "buy" rating in a research note on Tuesday, July 23rd. Finally, StockNews.com raised Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 21st. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy".

Rio Tinto Group Stock Performance

RIO traded up $1.39 on Wednesday, hitting $63.39. The company had a trading volume of 2,217,358 shares, compared to its average volume of 2,726,724. The company's fifty day moving average price is $65.12 and its 200 day moving average price is $66.32. Rio Tinto Group has a 1-year low of $59.80 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. The stock has a market cap of $79.40 billion, a price-to-earnings ratio of 8.85, a price-to-earnings-growth ratio of 0.36 and a beta of 0.67.

Rio Tinto Group Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, August 16th will be issued a $1.77 dividend. The ex-dividend date is Friday, August 16th. This represents a yield of 6.8%. Rio Tinto Group's dividend payout ratio (DPR) is currently 49.30%.

Rio Tinto Group Profile

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.