Blume Capital Management Inc. Has $3.48 Million Stock Holdings in Rio Tinto Group (NYSE:RIO)

Blume Capital Management Inc. lowered its position in shares of Rio Tinto Group (NYSE:RIO) by 0.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,525 shares of the mining company’s stock after selling 375 shares during the period. Rio Tinto Group accounts for approximately 1.3% of Blume Capital Management Inc.’s investment portfolio, making the stock its 27th biggest holding. Blume Capital Management Inc.’s holdings in Rio Tinto Group were worth $3,484,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. MV Capital Management Inc. acquired a new stake in shares of Rio Tinto Group in the 2nd quarter valued at $25,000. First National Bank of South Miami boosted its holdings in shares of Rio Tinto Group by 409.7% in the 1st quarter. First National Bank of South Miami now owns 367 shares of the mining company’s stock valued at $28,000 after purchasing an additional 295 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in shares of Rio Tinto Group by 208.5% in the 1st quarter. Meeder Asset Management Inc. now owns 401 shares of the mining company’s stock valued at $31,000 after purchasing an additional 271 shares in the last quarter. Stonebridge Capital Advisors LLC acquired a new stake in shares of Rio Tinto Group in the 1st quarter valued at $33,000. Finally, SRS Capital Advisors Inc. acquired a new stake in shares of Rio Tinto Group in the 2nd quarter valued at $41,000. Institutional investors own 8.01% of the company’s stock.

RIO stock traded up $1.11 during trading on Wednesday, reaching $73.81. The company had a trading volume of 46,390 shares, compared to its average volume of 2,455,112. Rio Tinto Group has a 52 week low of $55.39 and a 52 week high of $95.97. The business has a 50 day moving average of $80.22 and a 200 day moving average of $82.91. The company has a market cap of $92.10 billion, a P/E ratio of 9.44, a PEG ratio of 1.45 and a beta of 0.59. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.13 and a quick ratio of 1.77.

The company also recently declared a special dividend, which will be paid on Thursday, September 23rd. Investors of record on Friday, August 13th will be given a dividend of $1.85 per share. The ex-dividend date is Thursday, August 12th. This represents a dividend yield of 6.9%. This is an increase from Rio Tinto Group’s previous special dividend of $1.20. Rio Tinto Group’s dividend payout ratio (DPR) is 97.66%.

Several equities research analysts recently weighed in on the company. CLSA downgraded Rio Tinto Group from an “underperform” rating to a “sell” rating in a report on Thursday, July 29th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Rio Tinto Group in a report on Tuesday, July 20th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, June 29th. Jefferies Financial Group reaffirmed a “buy” rating and set a $112.00 target price on shares of Rio Tinto Group in a report on Monday, August 2nd. Finally, The Goldman Sachs Group raised Rio Tinto Group from a “neutral” rating to a “buy” rating and set a $144.40 price objective for the company in a research report on Friday, July 16th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $116.13.

About Rio Tinto Group

Rio Tinto Plc engages in the exploration, mining, and processing of mineral resources. It operates through the following business segments: Iron Ore, Aluminium, Copper and Diamonds, Energy and Minerals, and Other Operations. The Iron Ore segment supplies global seaborne iron ore trade. The Aluminium segment produces bauxite, alumina and primary aluminum.

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Institutional Ownership by Quarter for Rio Tinto Group (NYSE:RIO)

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