Naviter Wealth LLC Sells 2,889 Shares of Rio Tinto Group (NYSE:RIO)

Naviter Wealth LLC decreased its stake in Rio Tinto Group (NYSE:RIO) by 10.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,826 shares of the mining company’s stock after selling 2,889 shares during the period. Naviter Wealth LLC’s holdings in Rio Tinto Group were worth $1,696,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RIO. Russell Investments Group Ltd. increased its position in shares of Rio Tinto Group by 0.4% during the 1st quarter. Russell Investments Group Ltd. now owns 39,964 shares of the mining company’s stock worth $2,547,000 after purchasing an additional 147 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake 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 buying an additional 148 shares during the last quarter. Optas LLC increased its stake in shares of Rio Tinto Group by 4.2% during the first quarter. Optas LLC now owns 3,833 shares of the mining company’s stock worth $244,000 after purchasing an additional 154 shares during the period. Armstrong Advisory Group Inc. lifted its holdings in shares of Rio Tinto Group by 9.6% during the third quarter. Armstrong Advisory Group Inc. now owns 1,808 shares of the mining company’s stock worth $129,000 after buying an additional 159 shares in the last quarter. Finally, Eagle Bluffs Wealth Management LLC boosted its position in shares of Rio Tinto Group by 1.1% in the second quarter. Eagle Bluffs Wealth Management LLC now owns 14,997 shares of the mining company’s stock valued at $989,000 after acquiring an additional 163 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on RIO. Royal Bank of Canada upgraded shares of Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a research report on Tuesday, July 23rd. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 6th. Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday. Finally, HSBC raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Four investment 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

Rio Tinto Group stock traded down $1.48 during midday trading on Thursday, reaching $64.47. The company’s stock had a trading volume of 635,275 shares, compared to its average volume of 2,766,960. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a 52 week low of $59.35 and a 52 week high of $75.09. The business has a 50-day moving average price of $64.58 and a 200-day moving average price of $66.33.

Rio Tinto Group Cuts Dividend

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

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.