AQR Capital Management LLC Acquires New Stake in Rio Tinto Group (NYSE:RIO)

AQR Capital Management LLC acquired a new position in shares of Rio Tinto Group (NYSE:RIO - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 7,852 shares of the mining company's stock, valued at approximately $518,000.

Several other hedge funds have also recently added to or reduced their stakes in RIO. Bank of Montreal Can grew its position in shares of Rio Tinto Group by 237.0% in the second quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company's stock valued at $164,493,000 after purchasing an additional 1,738,752 shares in the last quarter. Natixis Advisors LLC raised its position in Rio Tinto Group by 8.7% in the second quarter. Natixis Advisors LLC now owns 695,731 shares of the mining company's stock valued at $45,870,000 after purchasing an additional 55,967 shares during the period. First City Capital Management Inc. lifted its stake in shares of Rio Tinto Group by 118.5% in the 2nd quarter. First City Capital Management Inc. now owns 15,178 shares of the mining company's stock valued at $1,001,000 after purchasing an additional 8,230 shares during the last quarter. QRG Capital Management Inc. grew its holdings in shares of Rio Tinto Group by 38.1% during the 2nd quarter. QRG Capital Management Inc. now owns 95,497 shares of the mining company's stock worth $6,296,000 after purchasing an additional 26,329 shares during the period. Finally, Capstone Investment Advisors LLC purchased a new position in Rio Tinto Group during the first quarter worth about $1,734,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Hsbc Global Res upgraded Rio Tinto Group to a "strong-buy" rating in a research report on Tuesday, July 23rd. Berenberg Bank raised shares of Rio Tinto Group from a "hold" rating to a "buy" rating in a research report on Wednesday, October 2nd. HSBC raised Rio Tinto Group from a "hold" rating to a "buy" rating in a research note on Tuesday, July 23rd. StockNews.com raised Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a research report on Friday, September 6th. Finally, Royal Bank of Canada raised Rio Tinto Group to a "hold" rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy".

Rio Tinto Group Trading Down 1.8 %

Shares of RIO stock traded down $1.23 during midday trading on Tuesday, reaching $66.47. 4,467,874 shares of the company traded hands, compared to its average volume of 2,773,143. The firm's 50 day simple moving average is $64.51 and its two-hundred day simple moving average is $66.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. Rio Tinto Group has a 1-year low of $59.35 and a 1-year high of $75.09.

Rio Tinto Group Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Thursday, September 26th. Investors of record on Friday, August 16th were paid a $1.77 dividend. The ex-dividend date of this dividend was Friday, August 16th. This represents a 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.