Naviter Wealth LLC Has $1.70 Million Stake in Rio Tinto Group (NYSE:RIO)

Naviter Wealth LLC lowered its position in shares of Rio Tinto Group (NYSE:RIO) by 10.8% during the third quarter, HoldingsChannel reports. The fund owned 23,826 shares of the mining company’s stock after selling 2,889 shares during the quarter. Naviter Wealth LLC’s holdings in Rio Tinto Group were worth $1,696,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of RIO. Northwest Investment Counselors LLC acquired a new stake in Rio Tinto Group during the 1st quarter worth approximately $26,000. Geneos Wealth Management Inc. raised its holdings in Rio Tinto Group by 55.4% during the first 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. GHP Investment Advisors Inc. acquired a new position in shares of Rio Tinto Group during the second quarter valued at about $26,000. Sound Income Strategies LLC raised its holdings in shares of Rio Tinto Group by 70.9% in the 3rd quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock worth $30,000 after acquiring an additional 173 shares during the last quarter. Finally, Centerpoint Advisors LLC lifted its holdings in shares of Rio Tinto Group by 110.0% in the second quarter. Centerpoint Advisors LLC now owns 525 shares of the mining company’s stock valued at $35,000 after purchasing an additional 275 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Group Stock Down 2.2 %

Shares of NYSE RIO traded down $1.48 during mid-day trading on Thursday, hitting $64.47. The company had a trading volume of 635,275 shares, compared to its average volume of 2,766,960. The stock’s 50-day moving average price is $64.58 and its 200-day moving average price is $66.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. Rio Tinto Group has a 1 year low of $59.35 and a 1 year high of $75.09.

Rio Tinto Group Cuts Dividend

The business also recently declared 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.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RIO shares. HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Hsbc Global Res raised 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 research report on Wednesday, July 31st. Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday. Finally, Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy”.

About Rio Tinto Group

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.