Mission Wealth Management LP Buys 1,213 Shares of Rio Tinto Group (NYSE:RIO)

Mission Wealth Management LP increased its stake in shares of Rio Tinto Group (NYSE:RIO) by 27.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,595 shares of the mining company’s stock after purchasing an additional 1,213 shares during the quarter. Mission Wealth Management LP’s holdings in Rio Tinto Group were worth $417,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RIO. AdvisorNet Financial Inc boosted its holdings in Rio Tinto Group by 785.7% in the fourth quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company’s stock valued at $28,000 after acquiring an additional 330 shares during the last quarter. SouthState Corp acquired a new position in Rio Tinto Group in the third quarter valued at approximately $32,000. Parkside Financial Bank & Trust grew its holdings in Rio Tinto Group by 39.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 553 shares of the mining company’s stock worth $41,000 after acquiring an additional 156 shares during the period. Financial Management Professionals Inc. raised its position in shares of 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 acquiring an additional 441 shares during the last quarter. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Rio Tinto Group in the 4th quarter worth $47,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

RIO has been the subject of a number of recent analyst reports. The Goldman Sachs Group began coverage on Rio Tinto Group in a research note on Friday, January 12th. They issued a “buy” rating on the stock. Liberum Capital reiterated 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 report on Monday, April 29th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and an average price target of $72.00.

Rio Tinto Group Trading Up 1.0 %

Shares of RIO opened at $68.97 on Friday. The firm’s 50 day moving average price is $64.99 and its two-hundred day moving average price is $67.43. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a twelve month low of $58.27 and a twelve month high of $75.09.

Rio Tinto Group Increases Dividend

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

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.