Forum Financial Management LP Raises Stock Holdings in Rio Tinto Group (NYSE:RIO)

Forum Financial Management LP grew its holdings in Rio Tinto Group (NYSE:RIO) by 93.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 8,299 shares of the mining company’s stock after acquiring an additional 4,017 shares during the quarter. Forum Financial Management LP’s holdings in Rio Tinto Group were worth $488,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Capital International Investors acquired a new position in shares of Rio Tinto Group during the 4th quarter worth about $1,380,000. Farringdon Capital Ltd. acquired a new position in shares of Rio Tinto Group during the fourth quarter valued at approximately $247,000. Marshall Wace LLP purchased a new position in shares of Rio Tinto Group in the fourth quarter valued at approximately $419,000. United Capital Financial Advisors LLC boosted its stake in shares of Rio Tinto Group by 4.3% in the fourth quarter. United Capital Financial Advisors LLC now owns 7,575 shares of the mining company’s stock worth $445,000 after acquiring an additional 310 shares during the last quarter. Finally, Gabelli Funds LLC increased its position in shares of Rio Tinto Group by 8.8% during the fourth quarter. Gabelli Funds LLC now owns 370,300 shares of the mining company’s stock worth $21,777,000 after purchasing an additional 29,800 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on RIO shares. StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Jefferies Financial Group lowered 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 research report on Monday, January 6th. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Morgan Stanley cut Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, April 9th. Finally, DZ Bank raised Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $73.00.

Rio Tinto Group Stock Up 1.7 %

Shares of NYSE RIO opened at $58.15 on Monday. The company has a market capitalization of $72.91 billion, a P/E ratio of 9.02, a P/E/G ratio of 0.42 and a beta of 0.66. 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 company has a 50 day simple moving average of $60.55 and a 200-day simple moving average of $61.79. Rio Tinto Group has a 1 year low of $51.67 and a 1 year high of $74.24.

Rio Tinto Group Increases Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, April 17th. Shareholders of record on Friday, March 7th were paid a dividend of $2.23 per share. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date was Friday, March 7th. This represents a yield of 7%. Rio Tinto Group’s dividend payout ratio (DPR) is 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.