Envestnet Asset Management Inc. Has $33.99 Million Stock Position in Rio Tinto Group (NYSE:RIO)

Envestnet Asset Management Inc. reduced its holdings in Rio Tinto Group (NYSE:RIO) by 9.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 577,875 shares of the mining company’s stock after selling 62,868 shares during the period. Envestnet Asset Management Inc.’s holdings in Rio Tinto Group were worth $33,985,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of RIO. Jeppson Wealth Management LLC increased its position in Rio Tinto Group by 47.5% during 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 grew its position in Rio Tinto Group by 225.6% in the 3rd quarter. Barclays PLC now owns 335,637 shares of the mining company’s stock worth $23,888,000 after purchasing an additional 232,539 shares during the last quarter. Marshall Financial Group LLC bought a new position in shares of Rio Tinto Group during the 4th quarter worth about $810,000. Schroder Investment Management Group raised its position in shares of Rio Tinto Group by 3.2% during the fourth quarter. Schroder Investment Management Group now owns 32,258 shares of the mining company’s stock valued at $1,890,000 after buying an additional 1,009 shares during the last quarter. Finally, Palliser Capital UK Ltd lifted its stake in shares of Rio Tinto Group by 213.8% in the fourth quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after buying an additional 674,117 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Jefferies Financial Group lowered their price target on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. JPMorgan Chase & Co. assumed coverage on Rio Tinto Group in a research report on Tuesday, March 18th. They issued an “overweight” rating for the company. DZ Bank raised shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. Finally, Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Group Stock Performance

Shares of NYSE:RIO opened at $56.83 on Friday. The stock has a market capitalization of $71.26 billion, a price-to-earnings ratio of 8.81, a price-to-earnings-growth ratio of 0.42 and a beta of 0.66. The business’s fifty day moving average price is $60.99 and its two-hundred day moving average price is $62.31. Rio Tinto Group has a fifty-two week low of $51.67 and a fifty-two week high of $74.24. 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 company also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Investors of record on Friday, March 7th will be given a dividend of $2.23 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a dividend yield of 7%. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s dividend payout ratio (DPR) is 69.15%.

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.