Sound Income Strategies LLC Purchases 173 Shares of Rio Tinto Group (NYSE:RIO)

Sound Income Strategies LLC lifted its stake in Rio Tinto Group (NYSE:RIO) by 70.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 417 shares of the mining company’s stock after purchasing an additional 173 shares during the period. Sound Income Strategies LLC’s holdings in Rio Tinto Group were worth $30,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Bank of Montreal Can raised its position in shares of Rio Tinto Group by 237.0% in the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock worth $164,493,000 after acquiring an additional 1,738,752 shares in the last quarter. Natixis Advisors LLC increased its stake in shares of Rio Tinto Group by 8.7% in the 2nd quarter. Natixis Advisors LLC now owns 695,731 shares of the mining company’s stock valued at $45,870,000 after purchasing an additional 55,967 shares in the last quarter. First City Capital Management Inc. increased its position in shares of Rio Tinto Group by 118.5% in the second quarter. First City Capital Management Inc. now owns 15,178 shares of the mining company’s stock valued at $1,001,000 after buying an additional 8,230 shares in the last quarter. QRG Capital Management Inc. raised its position in Rio Tinto Group by 38.1% during the second quarter. QRG Capital Management Inc. now owns 95,497 shares of the mining company’s stock worth $6,296,000 after acquiring an additional 26,329 shares during the period. Finally, Capstone Investment Advisors LLC purchased a new stake in Rio Tinto Group during the 1st quarter worth approximately $1,734,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. 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 report on Friday, September 6th. HSBC upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. Finally, Berenberg Bank upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

Rio Tinto Group Price Performance

Shares of Rio Tinto Group stock opened at $67.70 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a twelve month low of $59.35 and a twelve month high of $75.09. The company has a fifty day moving average price of $64.44 and a 200 day moving average price of $66.32.

Rio Tinto Group Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, September 26th. Stockholders of record on Friday, August 16th were given 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.