Confluence Investment Management LLC Acquires 626 Shares of Rio Tinto Group (NYSE:RIO)

Confluence Investment Management LLC boosted its holdings in shares of Rio Tinto Group (NYSE:RIO) by 3.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,095 shares of the mining company’s stock after acquiring an additional 626 shares during the quarter. Confluence Investment Management LLC’s holdings in Rio Tinto Group were worth $1,127,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in shares of Rio Tinto Group by 7.1% in the fourth quarter. Wellington Management Group LLP now owns 24,838,524 shares of the mining company’s stock valued at $1,849,476,000 after purchasing an additional 1,644,751 shares during the period. Fisher Asset Management LLC raised its position in shares of Rio Tinto Group by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 16,045,541 shares of the mining company’s stock valued at $1,194,751,000 after purchasing an additional 475,329 shares during the period. Earnest Partners LLC raised its position in shares of Rio Tinto Group by 1.4% in the first quarter. Earnest Partners LLC now owns 1,395,961 shares of the mining company’s stock valued at $88,979,000 after purchasing an additional 19,334 shares during the period. National Bank of Canada FI raised its position in shares of Rio Tinto Group by 296.2% in the first quarter. National Bank of Canada FI now owns 1,022,765 shares of the mining company’s stock valued at $71,382,000 after purchasing an additional 764,635 shares during the period. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its position in shares of Rio Tinto Group by 22.7% in the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 978,859 shares of the mining company’s stock valued at $62,392,000 after purchasing an additional 180,874 shares during the period. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Trading Up 0.3 %

Shares of Rio Tinto Group stock traded up $0.18 during trading on Friday, hitting $63.67. 3,892,186 shares of the company were exchanged, compared to its average volume of 2,634,045. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.17. The firm’s fifty day moving average price is $66.75 and its 200 day moving average price is $66.92. Rio Tinto Group has a 1-year low of $58.27 and a 1-year high of $75.09.

Rio Tinto Group Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, August 16th will be given a $1.77 dividend. The ex-dividend date of this dividend is Friday, August 16th. This represents a dividend yield of 6.8%.

Wall Street Analyst Weigh In

RIO has been the topic of a number of recent analyst reports. Citigroup lowered shares of Rio Tinto Group from a “buy” rating to a “neutral” rating in a research report on Monday, May 20th. Hsbc Global Res upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Berenberg Bank cut Rio Tinto Group from a “buy” rating to a “hold” rating in a report on Thursday, June 27th. HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a report on Wednesday. Five research analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

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.