Rio Tinto Group (NYSE:RIO) Position Cut by FineMark National Bank & Trust

FineMark National Bank & Trust lowered its holdings in shares of Rio Tinto Group (NYSE:RIO) by 2.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,212 shares of the mining company’s stock after selling 610 shares during the period. FineMark National Bank & Trust’s holdings in Rio Tinto Group were worth $1,794,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC bought a new stake in shares of Rio Tinto Group during the first quarter valued at about $26,000. Geneos Wealth Management Inc. increased its stake in Rio Tinto Group by 55.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company’s stock valued at $26,000 after buying an additional 148 shares during the period. YHB Investment Advisors Inc. bought a new stake in shares of Rio Tinto Group during the 1st quarter worth about $29,000. LifeSteps Financial Inc. bought a new stake in shares of Rio Tinto Group during the 1st quarter worth about $33,000. Finally, Centerpoint Advisors LLC lifted its stake in shares of Rio Tinto Group by 110.0% in the 2nd quarter. Centerpoint Advisors LLC now owns 525 shares of the mining company’s stock worth $35,000 after acquiring an additional 275 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on RIO. Berenberg Bank lowered shares of Rio Tinto Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 27th. Hsbc Global Res raised Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Finally, Citigroup cut shares of Rio Tinto Group from a “buy” rating to a “neutral” rating in a research report on Monday, May 20th. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

Shares of NYSE:RIO opened at $60.40 on Friday. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The stock has a fifty day moving average of $64.24 and a 200-day moving average of $65.92. Rio Tinto Group has a one year low of $59.80 and a one year high of $75.09.

Rio Tinto Group Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, September 26th. Stockholders of record on Friday, August 16th will be issued a dividend of $1.77 per share. This represents a dividend yield of 6.8%. The ex-dividend date of this dividend is Friday, August 16th.

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.