Kayne Anderson Rudnick Investment Management LLC Lowers Stock Holdings in Rio Tinto Group (NYSE:RIO)

Kayne Anderson Rudnick Investment Management LLC cut its position in Rio Tinto Group (NYSE:RIO) by 3.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,599 shares of the mining company’s stock after selling 229 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Rio Tinto Group were worth $435,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its holdings in shares of Rio Tinto Group by 0.4% in the 1st quarter. Russell Investments Group Ltd. now owns 39,964 shares of the mining company’s stock valued at $2,547,000 after acquiring an additional 147 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in Rio Tinto Group by 55.4% in the first quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company’s stock valued at $26,000 after purchasing an additional 148 shares during the last quarter. Optas LLC raised its holdings in Rio Tinto Group by 4.2% during the first quarter. Optas LLC now owns 3,833 shares of the mining company’s stock worth $244,000 after purchasing an additional 154 shares in the last quarter. Eagle Bluffs Wealth Management LLC lifted its position in shares of Rio Tinto Group by 1.1% during the 2nd quarter. Eagle Bluffs Wealth Management LLC now owns 14,997 shares of the mining company’s stock worth $989,000 after buying an additional 163 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in shares of Rio Tinto Group by 2.4% in the 1st quarter. Bessemer Group Inc. now owns 7,304 shares of the mining company’s stock valued at $465,000 after buying an additional 169 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Trading Up 1.6 %

Shares of RIO stock opened at $64.57 on Tuesday. The stock’s 50-day moving average price is $63.04 and its 200 day moving average price is $65.68. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a 52-week low of $59.35 and a 52-week high of $75.09.

Rio Tinto Group Cuts Dividend

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

Analyst Upgrades and Downgrades

Several brokerages recently commented on RIO. HSBC upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 6th. Finally, Berenberg Bank cut Rio Tinto Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 27th. Five 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 MarketBeat, the stock has an average rating of “Moderate Buy”.

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.