Assetmark Inc. Acquires 372 Shares of Rio Tinto Group (NYSE:RIO)

Assetmark Inc. boosted its holdings in shares of Rio Tinto Group (NYSE:RIO) by 0.6% during the 4th quarter, HoldingsChannel.com reports. The fund owned 63,782 shares of the mining company’s stock after purchasing an additional 372 shares during the period. Assetmark Inc.’s holdings in Rio Tinto Group were worth $3,751,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Rio Tinto Group by 63.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after acquiring an additional 195 shares in the last quarter. Golden State Wealth Management LLC bought a new position in Rio Tinto Group during the fourth quarter worth about $47,000. HHM Wealth Advisors LLC bought a new position in Rio Tinto Group during the fourth quarter worth about $50,000. Nisa Investment Advisors LLC lifted its holdings in Rio Tinto Group by 49.1% during the third quarter. Nisa Investment Advisors LLC now owns 820 shares of the mining company’s stock worth $58,000 after acquiring an additional 270 shares in the last quarter. Finally, FSC Wealth Advisors LLC lifted its holdings in Rio Tinto Group by 150.0% during the fourth quarter. FSC Wealth Advisors LLC now owns 1,000 shares of the mining company’s stock worth $59,000 after acquiring an additional 600 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Jefferies Financial Group reduced their target price on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Finally, StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 22nd. Three research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Rio Tinto Group presently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Group Stock Performance

RIO opened at $62.33 on Friday. The business’s 50-day moving average price is $61.12 and its two-hundred day moving average price is $62.90. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24. The company has a market capitalization of $78.10 billion, a price-to-earnings ratio of 9.66, a P/E/G ratio of 0.42 and a beta of 0.60. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16.

Rio Tinto Group Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Investors of record on Friday, March 7th will be issued a dividend of $2.23 per share. This represents a yield of 7%. The ex-dividend date is Friday, March 7th. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s dividend payout ratio is presently 69.15%.

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.