Mediolanum International Funds Ltd Acquires Shares of 472,676 Rio Tinto Group (NYSE:RIO)

Mediolanum International Funds Ltd acquired a new stake in Rio Tinto Group (NYSE:RIO) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 472,676 shares of the mining company’s stock, valued at approximately $33,590,000.

Several other institutional investors and hedge funds also recently made changes to their positions in RIO. Bank of Montreal Can boosted its stake in shares of Rio Tinto Group by 237.0% during the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after buying an additional 1,738,752 shares during the last quarter. National Bank of Canada FI lifted its stake 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 purchasing 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 position in Rio Tinto Group during the second quarter worth $48,129,000. Palliser Capital UK Ltd lifted its stake in Rio Tinto Group by 690.6% during the second quarter. Palliser Capital UK Ltd now owns 499,675 shares of the mining company’s stock worth $32,944,000 after purchasing an additional 436,475 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Rio Tinto Group by 78.3% during the second quarter. Dimensional Fund Advisors LP now owns 858,050 shares of the mining company’s stock worth $56,565,000 after purchasing an additional 376,778 shares during the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Trading Up 1.6 %

Rio Tinto Group stock traded up $1.02 during midday trading on Friday, reaching $65.63. The stock had a trading volume of 539,248 shares, compared to its average volume of 2,761,090. The firm’s fifty day simple moving average is $64.77 and its two-hundred day simple moving average is $66.37. Rio Tinto Group has a twelve month low of $59.35 and a twelve month high of $75.09. 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 Cuts Dividend

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on RIO shares. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 6th. Berenberg Bank upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. Four equities research 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. Based on data from MarketBeat.com, Rio Tinto Group presently 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.