Mechanics Financial Corp Takes $29,000 Position in Rio Tinto Group (NYSE:RIO)

Mechanics Financial Corp acquired a new position in Rio Tinto Group (NYSE:RIO) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 500 shares of the mining company’s stock, valued at approximately $29,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. grew its holdings in shares of Rio Tinto Group by 148.5% during the 4th quarter. Brown Brothers Harriman & Co. now owns 2,092 shares of the mining company’s stock worth $123,000 after purchasing an additional 1,250 shares during the period. Orion Portfolio Solutions LLC boosted its stake in Rio Tinto Group by 7.4% during the fourth quarter. Orion Portfolio Solutions LLC now owns 47,592 shares of the mining company’s stock worth $2,799,000 after buying an additional 3,261 shares during the period. Norges Bank acquired a new stake in shares of Rio Tinto Group during the fourth quarter valued at about $432,000. Blair William & Co. IL raised its stake in shares of Rio Tinto Group by 42.1% in the 4th quarter. Blair William & Co. IL now owns 17,493 shares of the mining company’s stock valued at $1,029,000 after acquiring an additional 5,182 shares during the period. Finally, AssuredPartners Investment Advisors LLC acquired a new position in shares of Rio Tinto Group in the 4th quarter worth approximately $938,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Trading Down 2.2 %

NYSE:RIO opened at $60.99 on Friday. The stock has a fifty day moving average price of $62.11 and a 200 day moving average price of $62.92. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 12-month low of $57.85 and a 12-month high of $74.24. The firm has a market cap of $76.48 billion, a PE ratio of 9.46, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60.

Rio Tinto Group Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be issued a dividend of $2.23 per share. 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 of this dividend is Friday, March 7th. Rio Tinto Group’s payout ratio is 69.15%.

Analyst Ratings Changes

A number of analysts have issued reports on RIO shares. StockNews.com lowered Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Jefferies Financial Group cut their price objective 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. JPMorgan Chase & Co. began coverage on Rio Tinto Group in a report on Tuesday, March 18th. They set an “overweight” rating for the company. Finally, Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rio Tinto Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

About Rio Tinto Group

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.