Bank of Montreal Can Has $164.49 Million Position in Rio Tinto Group (NYSE:RIO)

Bank of Montreal Can grew its position in Rio Tinto Group (NYSE:RIO) by 237.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,472,471 shares of the mining company’s stock after acquiring an additional 1,738,752 shares during the period. Bank of Montreal Can owned about 0.20% of Rio Tinto Group worth $164,493,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP raised its position in shares of Rio Tinto Group by 7.1% in the fourth quarter. Wellington Management Group LLP now owns 24,838,524 shares of the mining company’s stock valued at $1,849,476,000 after purchasing an additional 1,644,751 shares during the period. National Bank of Canada FI lifted its position in Rio Tinto Group by 296.2% during the first quarter. National Bank of Canada FI now owns 1,022,765 shares of the mining company’s stock worth $71,382,000 after acquiring an additional 764,635 shares during the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new stake in shares of Rio Tinto Group during the second quarter worth approximately $48,129,000. SPX Gestao de Recursos Ltda grew its position in shares of Rio Tinto Group by 560.8% in the fourth quarter. SPX Gestao de Recursos Ltda now owns 791,933 shares of the mining company’s stock valued at $58,967,000 after purchasing an additional 672,095 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Rio Tinto Group by 2.9% in the fourth quarter. Fisher Asset Management LLC now owns 16,019,748 shares of the mining company’s stock valued at $1,192,830,000 after purchasing an additional 449,536 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Group Stock Up 1.6 %

Shares of NYSE:RIO opened at $64.57 on Tuesday. 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 has a 52-week low of $59.35 and a 52-week high of $75.09. The company has a fifty day moving average of $63.04 and a 200-day moving average of $65.68.

Rio Tinto Group Cuts Dividend

The company 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.

Analysts Set New Price Targets

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

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.