Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in Rio Tinto Group (NYSE:RIO)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Rio Tinto Group (NYSE:RIO) by 588.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 860 shares of the mining company’s stock after buying an additional 735 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Rio Tinto Group were worth $57,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in RIO. Ameritas Advisory Services LLC increased its stake in Rio Tinto Group by 7.6% during the second quarter. Ameritas Advisory Services LLC now owns 3,943 shares of the mining company’s stock worth $260,000 after acquiring an additional 279 shares during the last quarter. Ridgewood Investments LLC acquired a new stake in Rio Tinto Group during the second quarter worth $71,000. Banco Santander S.A. increased its stake in Rio Tinto Group by 1.0% during the second quarter. Banco Santander S.A. now owns 26,119 shares of the mining company’s stock worth $1,722,000 after acquiring an additional 253 shares during the last quarter. Arkadios Wealth Advisors acquired a new stake in Rio Tinto Group during the second quarter worth $319,000. Finally, Whittier Trust Co. of Nevada Inc. increased its stake in Rio Tinto Group by 73.0% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 2,540 shares of the mining company’s stock worth $167,000 after acquiring an additional 1,072 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Citigroup cut Rio Tinto Group from a “buy” rating to a “neutral” rating in a research note on Monday, May 20th. Berenberg Bank cut Rio Tinto Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 27th. HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Finally, Hsbc Global Res raised Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rio Tinto Group has an average rating of “Moderate Buy”.

Rio Tinto Group Trading Down 0.4 %

RIO opened at $59.78 on Wednesday. Rio Tinto Group has a 12 month low of $59.35 and a 12 month high of $75.09. The stock has a market capitalization of $74.88 billion, a price-to-earnings ratio of 8.38, a PEG ratio of 0.34 and a beta of 0.66. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. The business has a fifty day moving average price of $63.86 and a 200 day moving average price of $65.77.

Rio Tinto Group Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, August 16th will be paid a dividend of $1.77 per share. The ex-dividend date is Friday, August 16th. This represents a yield of 6.8%. Rio Tinto Group’s payout ratio is 49.51%.

Rio Tinto Group 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.