Insight Wealth Strategies LLC bought a new position in shares of Rio Tinto Group (NYSE:RIO) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,418 shares of the mining company’s stock, valued at approximately $790,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. MV Capital Management Inc. acquired a new position in Rio Tinto Group during the second quarter worth $25,000. First National Bank of South Miami boosted its holdings in Rio Tinto Group by 409.7% during the first quarter. First National Bank of South Miami now owns 367 shares of the mining company’s stock worth $28,000 after purchasing an additional 295 shares during the last quarter. Stonebridge Capital Advisors LLC acquired a new position in Rio Tinto Group during the first quarter worth $33,000. SRS Capital Advisors Inc. acquired a new position in Rio Tinto Group during the second quarter worth $41,000. Finally, Credit Agricole S A acquired a new stake in Rio Tinto Group in the first quarter valued at $39,000. Institutional investors and hedge funds own 8.01% of the company’s stock.
RIO has been the subject of a number of recent analyst reports. UBS Group cut their price target on shares of Rio Tinto Group from $102.00 to $86.00 and set a “sell” rating for the company in a research note on Friday, September 17th. JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Rio Tinto Group in a research note on Monday, September 13th. Barclays reiterated an “equal weight” rating on shares of Rio Tinto Group in a research note on Tuesday, September 14th. Erste Group cut shares of Rio Tinto Group from a “buy” rating to a “hold” rating in a research note on Friday, August 20th. Finally, Berenberg Bank reiterated a “hold” rating on shares of Rio Tinto Group in a research note on Thursday, July 8th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $108.60.
The firm also recently declared a special dividend, which was paid on Thursday, September 23rd. Investors of record on Friday, August 13th were given a dividend of $1.85 per share. 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 was Thursday, August 12th. Rio Tinto Group’s dividend payout ratio (DPR) is currently 97.66%.
About Rio Tinto Group
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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