FineMark National Bank & Trust Trims Stock Holdings in Rio Tinto Group (NYSE:RIO)

FineMark National Bank & Trust reduced its holdings in shares of Rio Tinto Group (NYSE:RIO) by 2.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,969 shares of the mining company’s stock after selling 617 shares during the quarter. FineMark National Bank & Trust’s holdings in Rio Tinto Group were worth $1,527,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Empowered Funds LLC boosted its holdings in shares of Rio Tinto Group by 13.7% in the third quarter. Empowered Funds LLC now owns 3,567 shares of the mining company’s stock worth $254,000 after acquiring an additional 431 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Rio Tinto Group by 11.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 30,275 shares of the mining company’s stock worth $2,155,000 after purchasing an additional 3,017 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Rio Tinto Group by 2.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 132,141 shares of the mining company’s stock worth $9,404,000 after purchasing an additional 3,524 shares during the period. Eagle Asset Management Inc. grew its holdings in Rio Tinto Group by 11.1% during the 3rd quarter. Eagle Asset Management Inc. now owns 9,040 shares of the mining company’s stock valued at $643,000 after buying an additional 903 shares in the last quarter. Finally, Cerity Partners LLC increased its position in shares of Rio Tinto Group by 26.6% during the third quarter. Cerity Partners LLC now owns 55,078 shares of the mining company’s stock valued at $3,920,000 after buying an additional 11,558 shares during the period. 19.33% of the stock is owned by institutional investors.

Rio Tinto Group Price Performance

Shares of NYSE:RIO opened at $62.86 on Wednesday. The company’s fifty day moving average price is $62.01 and its 200-day moving average price is $62.92. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. The firm has a market capitalization of $78.77 billion, a price-to-earnings ratio of 9.75, a PEG ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a one year low of $57.85 and a one year high of $74.24.

Rio Tinto Group Increases Dividend

The company also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be given a dividend of $2.23 per share. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date of this dividend is Friday, March 7th. This represents a yield of 7%. Rio Tinto Group’s dividend payout ratio (DPR) is presently 69.15%.

Analysts Set New Price Targets

A number of research firms have recently commented on RIO. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Jefferies Financial Group decreased their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. started coverage on Rio Tinto Group in a research note on Tuesday, March 18th. They set an “overweight” rating for the company. Three analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.00.

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.