Morgan Dempsey Capital Management LLC Reduces Holdings in Rio Tinto Group (NYSE:RIO)

Morgan Dempsey Capital Management LLC trimmed its position in Rio Tinto Group (NYSE:RIO) by 28.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,206 shares of the mining company’s stock after selling 30,990 shares during the quarter. Morgan Dempsey Capital Management LLC’s holdings in Rio Tinto Group were worth $5,024,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of RIO. Russell Investments Group Ltd. grew its holdings in shares of Rio Tinto Group by 2.5% during the 4th quarter. Russell Investments Group Ltd. now owns 39,817 shares of the mining company’s stock worth $2,965,000 after acquiring an additional 972 shares during the period. Aveo Capital Partners LLC grew its stake in Rio Tinto Group by 6.4% in the fourth quarter. Aveo Capital Partners LLC now owns 3,692 shares of the mining company’s stock worth $275,000 after purchasing an additional 223 shares during the period. Principal Securities Inc. bought a new stake in shares of Rio Tinto Group during the 4th quarter valued at $171,000. Johnson Investment Counsel Inc. boosted its holdings in shares of Rio Tinto Group by 4.2% during the 4th quarter. Johnson Investment Counsel Inc. now owns 14,370 shares of the mining company’s stock valued at $1,070,000 after buying an additional 580 shares in the last quarter. Finally, QRG Capital Management Inc. increased its stake in shares of Rio Tinto Group by 11.8% in the 4th quarter. QRG Capital Management Inc. now owns 43,894 shares of the mining company’s stock worth $3,268,000 after acquiring an additional 4,624 shares in the last quarter. 19.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Citigroup cut Rio Tinto Group from a “buy” rating to a “neutral” rating in a research note on Monday, May 20th. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Friday. Berenberg Bank cut Rio Tinto Group from a “buy” rating to a “hold” rating in a research report on Thursday, June 27th. Finally, HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Five investment 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Price Performance

RIO traded down $0.68 during trading on Friday, hitting $59.71. 3,387,791 shares of the company traded hands, compared to its average volume of 2,314,405. The stock’s 50-day simple moving average is $64.12 and its two-hundred day simple moving average is $65.85. Rio Tinto Group has a 1 year low of $59.35 and a 1 year high of $75.09. 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 Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Thursday, September 26th. Stockholders of record on Friday, August 16th will be issued a $1.77 dividend. The ex-dividend date is Friday, August 16th. This represents a dividend 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.