Rio Tinto Group (NYSE:RIO) Shares Bought by Summit Global Investments

Summit Global Investments lifted its stake in Rio Tinto Group (NYSE:RIO) by 11.1% in the 2nd quarter, Holdings Channel reports. The firm owned 70,478 shares of the mining company’s stock after purchasing an additional 7,053 shares during the quarter. Summit Global Investments’ holdings in Rio Tinto Group were worth $4,647,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Northwest Investment Counselors LLC acquired a new position in Rio Tinto Group during the first quarter worth about $26,000. Geneos Wealth Management Inc. grew its holdings in shares of Rio Tinto Group by 55.4% during the first quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company’s stock worth $26,000 after buying an additional 148 shares in the last quarter. YHB Investment Advisors Inc. purchased a new stake in shares of Rio Tinto Group during the first quarter worth about $29,000. Accordant Advisory Group Inc purchased a new stake in shares of Rio Tinto Group during the first quarter worth about $31,000. Finally, LifeSteps Financial Inc. purchased a new stake in shares of Rio Tinto Group during the first quarter worth about $33,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Royal Bank of Canada upgraded shares of Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 21st. HSBC upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Hsbc Global Res upgraded shares of Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. Finally, Citigroup downgraded shares of Rio Tinto Group from a “buy” rating to a “neutral” rating in a report on Monday, May 20th. Five investment 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

RIO stock traded down $0.49 during trading on Tuesday, hitting $61.99. 2,241,414 shares of the company’s stock traded hands, compared to its average volume of 2,729,899. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 52 week low of $59.31 and a 52 week high of $75.09. The stock has a fifty day moving average price of $65.19 and a two-hundred day moving average price of $66.34. The stock has a market capitalization of $77.65 billion, a price-to-earnings ratio of 8.66, a price-to-earnings-growth ratio of 0.36 and a beta of 0.67.

Rio Tinto Group Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Thursday, September 26th. Shareholders of record on Friday, August 16th will be paid a dividend of $1.77 per share. The ex-dividend date of this dividend is Friday, August 16th. This represents a yield of 6.8%. Rio Tinto Group’s payout ratio is 49.30%.

Rio Tinto Group Company 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.