Mediolanum International Funds Ltd Invests $33.59 Million in Rio Tinto Group (NYSE:RIO)

Mediolanum International Funds Ltd purchased a new position in shares of Rio Tinto Group (NYSE:RIO - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 472,676 shares of the mining company's stock, valued at approximately $33,590,000.

Other hedge funds also recently made changes to their positions in the company. Winch Advisory Services LLC purchased a new position in shares of Rio Tinto Group in the 3rd quarter worth $26,000. GHP Investment Advisors Inc. purchased a new position in shares of Rio Tinto Group in the 2nd quarter worth about $26,000. FSC Wealth Advisors LLC acquired a new position in shares of Rio Tinto Group in the 3rd quarter valued at about $28,000. Geneos Wealth Management Inc. grew its holdings in shares of Rio Tinto Group by 55.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company's stock worth $26,000 after purchasing an additional 148 shares during the period. Finally, Sound Income Strategies LLC increased its position in Rio Tinto Group by 70.9% during the 3rd quarter. Sound Income Strategies LLC now owns 417 shares of the mining company's stock worth $30,000 after purchasing an additional 173 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RIO. HSBC raised shares of Rio Tinto Group from a "hold" rating to a "buy" rating in a research report on Tuesday, July 23rd. Hsbc Global Res raised shares of Rio Tinto Group to a "strong-buy" rating in a research report on Tuesday, July 23rd. Berenberg Bank raised Rio Tinto Group from a "hold" rating to a "buy" rating in a research report on Wednesday, October 2nd. StockNews.com upgraded Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a research note on Friday, September 6th. Finally, Macquarie reiterated a "neutral" rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy".

Rio Tinto Group Stock Performance

RIO traded up $0.67 during trading hours on Friday, reaching $65.28. 2,574,312 shares of the stock traded hands, compared to its average volume of 2,770,920. Rio Tinto Group has a fifty-two week low of $59.35 and a fifty-two week 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 firm's fifty day simple moving average is $64.81 and its two-hundred day simple moving average is $66.36.

Rio Tinto Group Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, September 26th. Stockholders of record on Friday, August 16th were paid a dividend of $1.77 per share. The ex-dividend date of this dividend was Friday, August 16th. This represents a dividend yield of 6.8%.

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.