Rio Tinto Group (NYSE:RIO) Shares Sold by Wright Investors Service Inc.

Wright Investors Service Inc. trimmed its stake in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 22.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,973 shares of the mining company's stock after selling 4,384 shares during the quarter. Wright Investors Service Inc.'s holdings in Rio Tinto Group were worth $987,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Lester Murray Antman dba SimplyRich lifted its holdings in shares of Rio Tinto Group by 6.5% during the second quarter. Lester Murray Antman dba SimplyRich now owns 4,394 shares of the mining company's stock worth $289,000 after purchasing an additional 268 shares during the period. Breakwater Capital Group boosted its holdings in shares of Rio Tinto Group by 14.1% in the second quarter. Breakwater Capital Group now owns 5,214 shares of the mining company's stock valued at $344,000 after acquiring an additional 645 shares in the last quarter. Argonautica Private Wealth Management Inc. purchased a new stake in shares of Rio Tinto Group in the second quarter valued at about $233,000. Harbour Investments Inc. increased its stake in shares of Rio Tinto Group by 52.2% during the second quarter. Harbour Investments Inc. now owns 3,241 shares of the mining company's stock worth $214,000 after acquiring an additional 1,112 shares during the period. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in Rio Tinto Group by 0.4% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 98,007 shares of the mining company's stock worth $6,462,000 after purchasing an additional 431 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Stock Performance

Shares of RIO stock traded down $1.01 during mid-day trading on Wednesday, reaching $62.99. The stock had a trading volume of 2,070,709 shares, compared to its average volume of 2,714,071. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 12-month low of $59.80 and a 12-month high of $75.09. The business has a 50-day simple moving average of $64.87 and a 200 day simple moving average of $66.17.

Rio Tinto Group Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Berenberg Bank lowered 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 report on Monday, May 20th. Royal Bank of Canada raised Rio Tinto Group to a "hold" rating in a report on Wednesday, July 31st. Hsbc Global Res raised shares of Rio Tinto Group to a "strong-buy" rating in a research note on Tuesday, July 23rd. Finally, HSBC upgraded shares of Rio Tinto Group from a "hold" rating to a "buy" rating in a report on Tuesday, July 23rd. 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, the company currently has a consensus rating of "Moderate Buy".

Rio Tinto Group Company 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.

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