Rio Tinto Group (NYSE:RIO) Shares Gap Up to $63.00

Shares of Rio Tinto Group (NYSE:RIO) gapped up prior to trading on Monday . The stock had previously closed at $63.00, but opened at $65.15. Rio Tinto Group shares last traded at $65.32, with a volume of 737,955 shares.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RIO. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday, March 27th. The Goldman Sachs Group initiated coverage on Rio Tinto Group in a research report on Friday, January 12th. They issued a “buy” rating for the company. 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $72.00.

Rio Tinto Group Stock Performance

The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17. The stock’s 50-day moving average price is $65.20 and its 200 day moving average price is $66.91.

Rio Tinto Group Increases Dividend

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

Hedge Funds Weigh In On Rio Tinto Group

A number of institutional investors have recently modified their holdings of RIO. Meritage Portfolio Management boosted its holdings in Rio Tinto Group by 0.3% in the 4th quarter. Meritage Portfolio Management now owns 42,192 shares of the mining company’s stock valued at $3,142,000 after purchasing an additional 147 shares during the period. Dana Investment Advisors Inc. grew its position in Rio Tinto Group by 0.5% during the third quarter. Dana Investment Advisors Inc. now owns 29,483 shares of the mining company’s stock worth $1,876,000 after buying an additional 150 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Rio Tinto Group by 8.5% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,922 shares of the mining company’s stock valued at $143,000 after acquiring an additional 150 shares during the period. Ambassador Advisors LLC raised its holdings in Rio Tinto Group by 3.6% in the 4th quarter. Ambassador Advisors LLC now owns 4,398 shares of the mining company’s stock valued at $313,000 after acquiring an additional 153 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its holdings in Rio Tinto Group by 39.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 553 shares of the mining company’s stock valued at $41,000 after acquiring an additional 156 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

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.