Raymond James & Associates Increases Stock Position in Rio Tinto Group (NYSE:RIO)

Raymond James & Associates boosted its stake in Rio Tinto Group (NYSE:RIO) by 0.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 545,595 shares of the mining company’s stock after purchasing an additional 1,015 shares during the quarter. Raymond James & Associates’ holdings in Rio Tinto Group were worth $40,625,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Salem Investment Counselors Inc. raised its position in shares of Rio Tinto Group by 0.5% during the 4th quarter. Salem Investment Counselors Inc. now owns 113,360 shares of the mining company’s stock valued at $8,441,000 after buying an additional 531 shares in the last quarter. Mutual Advisors LLC raised its position in shares of Rio Tinto Group by 13.9% during the 4th quarter. Mutual Advisors LLC now owns 7,163 shares of the mining company’s stock valued at $533,000 after buying an additional 873 shares in the last quarter. Accurate Wealth Management LLC raised its position in shares of Rio Tinto Group by 14.0% during the 4th quarter. Accurate Wealth Management LLC now owns 14,183 shares of the mining company’s stock valued at $994,000 after buying an additional 1,744 shares in the last quarter. Redhawk Wealth Advisors Inc. bought a new position in Rio Tinto Group during the 4th quarter valued at about $537,000. Finally, Financial Management Professionals Inc. grew its holdings in Rio Tinto Group by 250.6% during the 4th quarter. Financial Management Professionals Inc. now owns 617 shares of the mining company’s stock valued at $46,000 after purchasing an additional 441 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

Shares of RIO opened at $63.74 on Friday. Rio Tinto Group has a twelve month low of $58.27 and a twelve month high of $75.09. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.17 and a current ratio of 1.69. The company has a 50 day moving average of $66.10 and a two-hundred day moving average of $66.89.

Rio Tinto Group Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 18th. Stockholders of record on Friday, March 8th will be paid a dividend of $2.58 per share. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a dividend yield of 6.6%. The ex-dividend date is Thursday, March 7th.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday. BNP Paribas raised shares of Rio Tinto Group from a “neutral” rating to an “outperform” rating in a report on Tuesday, December 5th. The Goldman Sachs Group initiated coverage on shares of Rio Tinto Group in a report on Friday, January 12th. They set a “buy” rating on the stock. Finally, Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $72.00.

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.