Brown Lisle Cummings Inc. Cuts Stake in Rio Tinto Group (NYSE:RIO)

Brown Lisle Cummings Inc. reduced its position in shares of Rio Tinto Group (NYSE:RIO) by 15.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,525 shares of the mining company’s stock after selling 2,125 shares during the quarter. Brown Lisle Cummings Inc.’s holdings in Rio Tinto Group were worth $820,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of Montreal Can raised its holdings in Rio Tinto Group by 237.0% in the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock worth $164,493,000 after acquiring an additional 1,738,752 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of 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 valued at $71,382,000 after purchasing an additional 764,635 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new stake in shares of Rio Tinto Group during the second quarter valued at $48,129,000. Palliser Capital UK Ltd increased its holdings in Rio Tinto Group by 690.6% in the 2nd quarter. Palliser Capital UK Ltd now owns 499,675 shares of the mining company’s stock worth $32,944,000 after buying an additional 436,475 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Rio Tinto Group by 78.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 858,050 shares of the mining company’s stock worth $56,565,000 after buying an additional 376,778 shares during the last quarter. Institutional investors own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RIO. Hsbc Global Res upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada upgraded shares of Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Finally, StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Friday, September 6th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Rio Tinto Group presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Price Performance

RIO stock opened at $65.36 on Monday. 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 1-year low of $59.35 and a 1-year high of $75.09. The business has a 50 day simple moving average of $64.66 and a two-hundred day simple moving average of $66.36.

Rio Tinto Group Cuts Dividend

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

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.