SVB Wealth LLC Lowers Stock Position in Rio Tinto Group (NYSE:RIO)

SVB Wealth LLC lessened its holdings in Rio Tinto Group (NYSE:RIO) by 8.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,611 shares of the mining company’s stock after selling 641 shares during the period. SVB Wealth LLC’s holdings in Rio Tinto Group were worth $492,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. First American Trust FSB lifted its position in Rio Tinto Group by 0.8% during the fourth quarter. First American Trust FSB now owns 61,851 shares of the mining company’s stock valued at $4,605,000 after acquiring an additional 501 shares during the last quarter. Hamilton Point Investment Advisors LLC lifted its position in Rio Tinto Group by 0.7% during the fourth quarter. Hamilton Point Investment Advisors LLC now owns 42,777 shares of the mining company’s stock valued at $3,185,000 after acquiring an additional 316 shares during the last quarter. Eads & Heald Wealth Management purchased a new stake in Rio Tinto Group during the fourth quarter valued at approximately $290,000. Keel Point LLC purchased a new stake in Rio Tinto Group during the fourth quarter valued at approximately $250,000. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its position in Rio Tinto Group by 8.5% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 64,869 shares of the mining company’s stock valued at $4,830,000 after acquiring an additional 5,058 shares during the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

Rio Tinto Group stock opened at $66.97 on Friday. The company’s 50 day simple moving average is $64.87 and its 200-day simple moving average is $67.09. Rio Tinto Group has a 1 year low of $58.27 and a 1 year high of $75.09. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17.

Rio Tinto Group Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Thursday, April 18th. Shareholders of record on Friday, March 8th were issued a dividend of $2.58 per share. This represents a yield of 6.6%. The ex-dividend date of this dividend was Thursday, March 7th. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77.

Wall Street Analysts Forecast Growth

RIO has been the subject of a number of analyst reports. The Goldman Sachs Group initiated coverage on shares of Rio Tinto Group in a research report on Friday, January 12th. They set a “buy” rating for the company. Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday, March 5th. Finally, StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Two research 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

About Rio Tinto Group

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.