Pathway Financial Advisers LLC Makes New Investment in Rio Tinto Group (NYSE:RIO)

Pathway Financial Advisers LLC bought a new stake in shares of Rio Tinto Group (NYSE:RIO) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 666 shares of the mining company’s stock, valued at approximately $42,000.

A number of other hedge funds have also recently modified their holdings of the business. AdvisorNet Financial Inc boosted its holdings in Rio Tinto Group by 785.7% during the 4th quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company’s stock valued at $28,000 after acquiring an additional 330 shares during the period. Northwest Investment Counselors LLC purchased a new stake in shares of Rio Tinto Group during the first quarter valued at $26,000. Geneos Wealth Management Inc. grew its holdings in shares of Rio Tinto Group by 55.4% in the first 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 last quarter. YHB Investment Advisors Inc. purchased a new position in Rio Tinto Group in the 1st quarter worth about $29,000. Finally, Accordant Advisory Group Inc purchased a new position in Rio Tinto Group in the 1st quarter worth about $31,000. Institutional investors own 19.33% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on RIO. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a research report on Wednesday. Citigroup cut Rio Tinto Group from a “buy” rating to a “neutral” rating in a research note on Monday, May 20th. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 21st. Finally, Berenberg Bank lowered Rio Tinto Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 27th. Five analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

NYSE RIO traded up $0.18 during midday trading on Friday, hitting $63.67. 3,892,186 shares of the company traded hands, compared to its average volume of 2,634,045. The company has a quick ratio of 1.17, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 52 week low of $58.27 and a 52 week high of $75.09. The company’s 50-day simple moving average is $66.75 and its 200-day simple moving average is $66.92.

Rio Tinto Group Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, September 26th. Shareholders of record on Friday, August 16th will be issued a $1.77 dividend. The ex-dividend date of this dividend is 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.