Cornerstone Wealth Management LLC Has $440,000 Holdings in Rio Tinto Group (NYSE:RIO)

Cornerstone Wealth Management LLC cut its holdings in Rio Tinto Group (NYSE:RIO) by 3.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 6,184 shares of the mining company’s stock after selling 247 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Rio Tinto Group were worth $440,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vontobel Holding Ltd. grew its stake in shares of Rio Tinto Group by 64.0% in the third quarter. Vontobel Holding Ltd. now owns 8,910 shares of the mining company’s stock valued at $634,000 after acquiring an additional 3,476 shares in the last quarter. Leisure Capital Management grew its stake in shares of Rio Tinto Group by 3.7% in the third quarter. Leisure Capital Management now owns 15,947 shares of the mining company’s stock valued at $1,135,000 after acquiring an additional 574 shares in the last quarter. SeaCrest Wealth Management LLC grew its stake in shares of Rio Tinto Group by 2.5% in the third quarter. SeaCrest Wealth Management LLC now owns 10,041 shares of the mining company’s stock valued at $715,000 after acquiring an additional 248 shares in the last quarter. Foster Victor Wealth Advisors LLC grew its stake in shares of Rio Tinto Group by 6.7% in the third quarter. Foster Victor Wealth Advisors LLC now owns 3,755 shares of the mining company’s stock valued at $249,000 after acquiring an additional 237 shares in the last quarter. Finally, NBC Securities Inc. grew its stake in shares of Rio Tinto Group by 24.2% in the third quarter. NBC Securities Inc. now owns 1,207 shares of the mining company’s stock valued at $85,000 after acquiring an additional 235 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on RIO. 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. Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday. HSBC raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. Finally, Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rio Tinto Group has a consensus rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

RIO stock opened at $65.36 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. Rio Tinto Group has a 12 month low of $59.35 and a 12 month high of $75.09. The firm has a 50-day moving average price of $64.66 and a 200-day moving average price of $66.33.

Rio Tinto Group Cuts Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Thursday, September 26th. Investors of record on Friday, August 16th were issued a $1.77 dividend. The ex-dividend date was Friday, August 16th. This represents a yield of 6.8%.

Rio Tinto Group Company 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.