Rio Tinto Group (NYSE:RIO) is Ovata Capital Management Ltd's 10th Largest Position

Ovata Capital Management Ltd lifted its holdings in Rio Tinto Group (NYSE:RIO - Free Report) by 17.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 106,230 shares of the mining company's stock after purchasing an additional 16,061 shares during the period. Rio Tinto Group comprises about 3.8% of Ovata Capital Management Ltd's portfolio, making the stock its 10th largest holding. Ovata Capital Management Ltd's holdings in Rio Tinto Group were worth $6,989,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Northwest Investment Counselors LLC purchased a new position in Rio Tinto Group during the first quarter valued at $26,000. Geneos Wealth Management Inc. lifted its stake in Rio Tinto Group by 55.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company's stock valued at $26,000 after buying an additional 148 shares in the last quarter. YHB Investment Advisors Inc. acquired a new stake in Rio Tinto Group in the 1st quarter worth about $29,000. LifeSteps Financial Inc. purchased a new stake in Rio Tinto Group during the 1st quarter worth approximately $33,000. Finally, Centerpoint Advisors LLC raised its holdings in shares of Rio Tinto Group by 110.0% during the second quarter. Centerpoint Advisors LLC now owns 525 shares of the mining company's stock valued at $35,000 after acquiring an additional 275 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. StockNews.com raised Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a research note on Friday. Berenberg Bank cut shares of Rio Tinto Group from a "buy" rating to a "hold" rating in a research note on Thursday, June 27th. HSBC upgraded shares of Rio Tinto Group from a "hold" rating to a "buy" rating in a research report on Tuesday, July 23rd. Royal Bank of Canada upgraded shares of Rio Tinto Group to a "hold" rating in a research report on Wednesday, July 31st. Finally, Citigroup cut shares of Rio Tinto Group from a "buy" rating to a "neutral" rating in a research note on Monday, May 20th. Five analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Rio Tinto Group presently has a consensus rating of "Moderate Buy".

Rio Tinto Group Price Performance

Shares of RIO traded down $0.67 during mid-day trading on Friday, reaching $59.72. The stock had a trading volume of 3,387,675 shares, compared to its average volume of 2,706,135. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The business's fifty day moving average is $64.12 and its 200 day moving average is $65.85. Rio Tinto Group has a 52-week low of $59.35 and a 52-week high of $75.09.

Rio Tinto Group Cuts Dividend

The company also recently declared a semi-annual dividend, which will be paid on Thursday, September 26th. Stockholders 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%.

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.