Frank Rimerman Advisors LLC Purchases 11,371 Shares of Rio Tinto Group (NYSE:RIO)

Frank Rimerman Advisors LLC lifted its position in shares of Rio Tinto Group (NYSE:RIO) by 1,522.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,118 shares of the mining company’s stock after purchasing an additional 11,371 shares during the period. Frank Rimerman Advisors LLC’s holdings in Rio Tinto Group were worth $799,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in RIO. Natixis Advisors LLC increased its position in Rio Tinto Group by 8.7% during the 2nd quarter. Natixis Advisors LLC now owns 695,731 shares of the mining company’s stock worth $45,870,000 after buying an additional 55,967 shares during the period. QRG Capital Management Inc. raised its stake in Rio Tinto Group by 38.1% in the 2nd quarter. QRG Capital Management Inc. now owns 95,497 shares of the mining company’s stock worth $6,296,000 after purchasing an additional 26,329 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Rio Tinto Group during the 4th quarter worth approximately $4,319,000. Capstone Investment Advisors LLC bought a new position in shares of Rio Tinto Group during the first quarter worth approximately $1,734,000. Finally, Salem Investment Counselors Inc. raised its position in shares of Rio Tinto Group by 12.2% in the first quarter. Salem Investment Counselors Inc. now owns 127,216 shares of the mining company’s stock valued at $8,430,000 after buying an additional 13,856 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Berenberg Bank cut 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 report on Friday, September 6th. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. Finally, HSBC raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

Rio Tinto Group stock 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 12-month low of $59.35 and a 12-month high of $75.09. The business’s 50-day moving average price is $63.04 and its two-hundred day moving average price is $65.68.

Rio Tinto Group Cuts Dividend

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

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.