Bleakley Financial Group LLC Raises Position in Rio Tinto Group (NYSE:RIO)

Bleakley Financial Group LLC raised its stake in shares of Rio Tinto Group (NYSE:RIO) by 17.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,882 shares of the mining company’s stock after purchasing an additional 865 shares during the period. Bleakley Financial Group LLC’s holdings in Rio Tinto Group were worth $438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of RIO. Cowa LLC purchased a new stake in shares of Rio Tinto Group in the first quarter worth approximately $26,000. Householder Group Estate & Retirement Specialist LLC purchased a new stake in shares of Rio Tinto Group in the third quarter worth approximately $27,000. AdvisorNet Financial Inc raised its holdings in shares of Rio Tinto Group by 785.7% in the fourth quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company’s stock worth $28,000 after buying an additional 330 shares during the period. First Manhattan Co. raised its holdings in shares of Rio Tinto Group by 555.4% in the fourth quarter. First Manhattan Co. now owns 426 shares of the mining company’s stock worth $30,000 after buying an additional 361 shares during the period. Finally, SouthState Corp purchased a new stake in shares of Rio Tinto Group in the third quarter worth approximately $32,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RIO has been the topic of several research analyst reports. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, April 10th. The Goldman Sachs Group initiated coverage on Rio Tinto Group in a research note on Friday, January 12th. They issued a “buy” rating on the stock. Finally, Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Rio Tinto Group Stock Performance

RIO stock opened at $65.99 on Monday. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23. The firm’s 50 day moving average price is $65.02 and its 200-day moving average price is $66.99. Rio Tinto Group has a one year low of $58.27 and a one year high of $75.09.

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 dividend of $2.58 per share. This represents a dividend yield of 6.6%. The ex-dividend date is Thursday, March 7th. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77.

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.