Rio Tinto Group (NYSE:RIO) Upgraded at Berenberg Bank

Berenberg Bank upgraded shares of Rio Tinto Group (NYSE:RIO) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports.

Other analysts have also recently issued research reports about the stock. Hsbc Global Res upgraded shares of Rio Tinto Group to a strong-buy rating in a research note on Tuesday, July 23rd. HSBC upgraded shares of Rio Tinto Group from a hold rating to a buy rating in a research note on Tuesday, July 23rd. StockNews.com upgraded shares of Rio Tinto Group from a buy rating to a strong-buy rating in a research note on Friday, September 6th. Finally, Royal Bank of Canada upgraded shares of Rio Tinto Group to a hold rating in a research note on Wednesday, July 31st. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy.

Rio Tinto Group Trading Down 0.2 %

RIO stock opened at $69.70 on Wednesday. Rio Tinto Group has a one year low of $59.35 and a one year high of $75.09. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. The company has a fifty day moving average of $64.02 and a 200-day moving average of $66.11.

Rio Tinto Group Cuts Dividend

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

Hedge Funds Weigh In On Rio Tinto Group

Several hedge funds have recently added to or reduced their stakes in RIO. Eagle Asset Management Inc. increased its holdings in Rio Tinto Group by 22.3% during the 4th quarter. Eagle Asset Management Inc. now owns 7,757 shares of the mining company’s stock valued at $578,000 after acquiring an additional 1,413 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Rio Tinto Group by 4.0% during the 4th quarter. The Manufacturers Life Insurance Company now owns 152,000 shares of the mining company’s stock valued at $11,318,000 after acquiring an additional 5,837 shares in the last quarter. NEOS Investment Management LLC purchased a new stake in shares of Rio Tinto Group during the fourth quarter worth about $263,000. Peapack Gladstone Financial Corp grew its holdings in shares of Rio Tinto Group by 2.0% during the fourth quarter. Peapack Gladstone Financial Corp now owns 17,203 shares of the mining company’s stock worth $1,281,000 after buying an additional 340 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of Rio Tinto Group by 26.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 9,463 shares of the mining company’s stock worth $705,000 after buying an additional 1,958 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

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.