Nicholas Hoffman & Company LLC. increased its holdings in Rio Tinto Group (NYSE:RIO) by 12.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,571 shares of the mining company’s stock after acquiring an additional 740 shares during the quarter. Nicholas Hoffman & Company LLC.’s holdings in Rio Tinto Group were worth $551,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in RIO. MV Capital Management Inc. acquired a new position in shares of Rio Tinto Group in the 2nd quarter valued at $25,000. First National Bank of South Miami increased its holdings in shares of Rio Tinto Group by 409.7% in the 1st quarter. First National Bank of South Miami now owns 367 shares of the mining company’s stock valued at $28,000 after acquiring an additional 295 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of Rio Tinto Group by 208.5% in the 1st quarter. Meeder Asset Management Inc. now owns 401 shares of the mining company’s stock valued at $31,000 after acquiring an additional 271 shares during the period. Stonebridge Capital Advisors LLC acquired a new position in shares of Rio Tinto Group in the 1st quarter valued at $33,000. Finally, Credit Agricole S A acquired a new position in shares of Rio Tinto Group in the 1st quarter valued at $39,000. 8.01% of the stock is currently owned by institutional investors and hedge funds.
RIO has been the topic of several recent research reports. Morgan Stanley reissued an “equal weight” rating on shares of Rio Tinto Group in a research note on Tuesday, July 20th. CLSA cut shares of Rio Tinto Group from an “underperform” rating to a “sell” rating in a research note on Thursday, July 29th. Royal Bank of Canada reissued a “sector perform” rating on shares of Rio Tinto Group in a research note on Wednesday, August 11th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday, June 29th. Finally, UBS Group restated a “sell” rating on shares of Rio Tinto Group in a research report on Thursday, July 29th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $116.13.
The company also recently announced a special dividend, which will be paid on Thursday, September 23rd. Shareholders of record on Friday, August 13th will be issued a $1.85 dividend. This represents a yield of 6.9%. This is a positive change from Rio Tinto Group’s previous special dividend of $1.20. The ex-dividend date of this dividend is Thursday, August 12th. Rio Tinto Group’s dividend payout ratio is 97.66%.
Rio Tinto Group Profile
Rio Tinto Plc engages in the exploration, mining, and processing of mineral resources. It operates through the following business segments: Iron Ore, Aluminium, Copper and Diamonds, Energy and Minerals, and Other Operations. The Iron Ore segment supplies global seaborne iron ore trade. The Aluminium segment produces bauxite, alumina and primary aluminum.
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