Van ECK Associates Corp Lowers Stock Position in Rio Tinto Group (NYSE:RIO)

Van ECK Associates Corp trimmed its position in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 8.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 625,889 shares of the mining company's stock after selling 54,072 shares during the quarter. Van ECK Associates Corp's holdings in Rio Tinto Group were worth $41,265,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Sage Mountain Advisors LLC bought a new stake in shares of Rio Tinto Group during the second quarter valued at about $225,000. Commonwealth Equity Services LLC boosted its stake in Rio Tinto Group by 12.3% in the second quarter. Commonwealth Equity Services LLC now owns 198,371 shares of the mining company's stock worth $13,079,000 after buying an additional 21,746 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new stake in Rio Tinto Group in the second quarter worth approximately $269,000. Rothschild Investment LLC purchased a new stake in Rio Tinto Group in the second quarter worth approximately $464,000. Finally, Americana Partners LLC boosted its stake in Rio Tinto Group by 0.7% in the second quarter. Americana Partners LLC now owns 25,755 shares of the mining company's stock worth $1,698,000 after buying an additional 188 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Group Trading Down 0.1 %

Shares of Rio Tinto Group stock traded down $0.05 during midday trading on Friday, reaching $63.27. 2,238,296 shares of the company's stock traded hands, compared to its average volume of 2,703,909. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. The company has a market cap of $79.25 billion, a PE ratio of 8.87, a price-to-earnings-growth ratio of 0.35 and a beta of 0.67. The stock has a 50 day moving average of $64.67 and a 200-day moving average of $66.10. Rio Tinto Group has a 12 month low of $59.80 and a 12 month high of $75.09.

Rio Tinto Group Cuts Dividend

The firm 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 dividend of $1.77 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a dividend yield of 6.8%. Rio Tinto Group's dividend payout ratio is presently 49.51%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RIO. HSBC raised Rio Tinto Group from a "hold" rating to a "buy" rating in a research note on Tuesday, July 23rd. Hsbc Global Res upgraded Rio Tinto Group to a "strong-buy" rating in a research report on Tuesday, July 23rd. StockNews.com downgraded Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research report on Thursday. Berenberg Bank downgraded Rio Tinto Group from a "buy" rating to a "hold" rating in a research report on Thursday, June 27th. Finally, Citigroup downgraded Rio Tinto Group from a "buy" rating to a "neutral" rating in a research report on Monday, May 20th. Five equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company 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.