Cresset Asset Management LLC Cuts Holdings in Rio Tinto Group (NYSE:RIO)

Cresset Asset Management LLC cut its position in shares of Rio Tinto Group (NYSE:RIO) by 73.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,957 shares of the mining company’s stock after selling 32,451 shares during the quarter. Cresset Asset Management LLC’s holdings in Rio Tinto Group were worth $703,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. XTX Topco Ltd bought a new stake in Rio Tinto Group in the fourth quarter worth about $1,241,000. Rossby Financial LCC bought a new stake in Rio Tinto Group in the fourth quarter worth about $360,000. Jeppson Wealth Management LLC raised its position in Rio Tinto Group by 47.5% in the fourth quarter. Jeppson Wealth Management LLC now owns 20,093 shares of the mining company’s stock worth $1,182,000 after acquiring an additional 6,473 shares during the period. Barclays PLC raised its position in Rio Tinto Group by 225.6% in the third quarter. Barclays PLC now owns 335,637 shares of the mining company’s stock worth $23,888,000 after acquiring an additional 232,539 shares during the period. Finally, Marshall Financial Group LLC bought a new stake in Rio Tinto Group in the fourth quarter worth about $810,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Stock Up 1.4%

Shares of NYSE:RIO opened at $62.29 on Wednesday. The firm has a fifty day moving average price of $59.68 and a two-hundred day moving average price of $61.08. 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 has a one year low of $51.67 and a one year high of $74.24. The company has a market cap of $78.11 billion, a price-to-earnings ratio of 9.66, a PEG ratio of 0.42 and a beta of 0.73.

Rio Tinto Group Increases Dividend

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

Analyst Upgrades and Downgrades

RIO has been the topic of several research reports. DZ Bank raised shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Morgan Stanley cut shares of Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, April 9th. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Finally, Barclays reaffirmed an “overweight” rating on shares of Rio Tinto Group in a report on Wednesday, April 16th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

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.