First City Capital Management Inc. Grows Stock Position in Rio Tinto Group (NYSE:RIO)

First City Capital Management Inc. boosted its holdings in Rio Tinto Group (NYSE:RIO) by 118.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,178 shares of the mining company’s stock after acquiring an additional 8,230 shares during the period. First City Capital Management Inc.’s holdings in Rio Tinto Group were worth $1,001,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in RIO. Northwest Investment Counselors LLC acquired a new stake in shares of Rio Tinto Group in the first quarter valued at approximately $26,000. Geneos Wealth Management Inc. lifted its stake in Rio Tinto Group by 55.4% in 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 in the last quarter. GHP Investment Advisors Inc. purchased a new stake in Rio Tinto Group in the 2nd quarter valued at approximately $26,000. YHB Investment Advisors Inc. acquired a new stake in Rio Tinto Group during the 1st quarter valued at $29,000. Finally, LifeSteps Financial Inc. purchased a new position in Rio Tinto Group during the first quarter worth $33,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on RIO. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Berenberg Bank lowered shares of Rio Tinto Group from a “buy” rating to a “hold” rating in a research report on Thursday, June 27th. StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 6th. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. Finally, HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy”.

Rio Tinto Group Trading Down 2.5 %

Shares of RIO opened at $63.57 on Friday. Rio Tinto Group has a fifty-two week low of $59.35 and a fifty-two week high of $75.09. The company’s fifty day moving average is $63.10 and its two-hundred day moving average is $65.67. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Rio Tinto Group Cuts Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, September 26th. Investors of record on Friday, August 16th will be issued a $1.77 dividend. This represents a 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.