Traynor Capital Management Inc. Has $245,000 Position in Rio Tinto Group (NYSE:RIO)

Traynor Capital Management Inc. decreased its position in shares of Rio Tinto Group (NYSE:RIO) by 22.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,441 shares of the mining company’s stock after selling 1,006 shares during the quarter. Traynor Capital Management Inc.’s holdings in Rio Tinto Group were worth $245,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of RIO. Geneos Wealth Management Inc. lifted its stake 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 valued at $26,000 after acquiring an additional 148 shares during the period. GHP Investment Advisors Inc. acquired a new position in Rio Tinto Group during the 2nd quarter valued at about $26,000. Winch Advisory Services LLC bought a new position in shares of Rio Tinto Group in the 3rd quarter valued at about $26,000. FSC Wealth Advisors LLC acquired a new stake in shares of Rio Tinto Group during the 3rd quarter worth approximately $28,000. Finally, Sound Income Strategies LLC grew its position in shares of 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 buying an additional 173 shares during the period. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Group Price Performance

Shares of RIO opened at $66.58 on Wednesday. The stock has a 50 day simple moving average of $65.05 and a 200 day simple moving average of $66.35. Rio Tinto Group has a 52-week low of $59.35 and a 52-week high of $75.09. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Rio Tinto Group Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RIO. Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Berenberg Bank upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. HSBC upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Finally, StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 6th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

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.