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 released on Wednesday morning, Marketbeat reports.

Other research analysts have also recently issued reports about the stock. HSBC raised shares of Rio Tinto Group from a hold rating to a buy rating in a research report on Tuesday, July 23rd. Hsbc Global Res upgraded shares of Rio Tinto Group to a strong-buy rating in a research report on Tuesday, July 23rd. Royal Bank of Canada raised shares of Rio Tinto Group to a hold rating in a report on Wednesday, July 31st. Finally, StockNews.com raised shares of Rio Tinto Group from a buy rating to a strong-buy rating in a report on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy.

Rio Tinto Group Price Performance

Rio Tinto Group stock opened at $69.70 on Wednesday. Rio Tinto Group has a 1 year low of $59.35 and a 1 year high of $75.09. The firm has a 50 day moving average price of $64.02 and a 200 day moving average price of $66.11. 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 Cuts Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend was Friday, August 16th. This represents a dividend yield of 6.8%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Bank of Montreal Can lifted its holdings in shares of Rio Tinto Group by 237.0% during the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after buying an additional 1,738,752 shares during the last quarter. Wellington Management Group LLP grew its position in Rio Tinto Group by 7.1% in the fourth quarter. Wellington Management Group LLP now owns 24,838,524 shares of the mining company’s stock worth $1,849,476,000 after acquiring an additional 1,644,751 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Rio Tinto Group by 296.2% during the 1st quarter. National Bank of Canada FI now owns 1,022,765 shares of the mining company’s stock valued at $71,382,000 after purchasing an additional 764,635 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in shares of Rio Tinto Group during the 2nd quarter valued at $48,129,000. Finally, Fisher Asset Management LLC lifted its stake in shares of Rio Tinto Group by 2.9% in the 4th quarter. Fisher Asset Management LLC now owns 16,019,748 shares of the mining company’s stock valued at $1,192,830,000 after purchasing an additional 449,536 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

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.