NewEdge Wealth LLC Sells 7,733 Shares of Rio Tinto Group (NYSE:RIO)

NewEdge Wealth LLC cut its holdings in Rio Tinto Group (NYSE:RIO) by 24.1% in the 4th quarter, HoldingsChannel.com reports. The fund owned 24,298 shares of the mining company’s stock after selling 7,733 shares during the period. NewEdge Wealth LLC’s holdings in Rio Tinto Group were worth $1,429,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Thurston Springer Miller Herd & Titak Inc. grew its stake in Rio Tinto Group by 63.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after purchasing an additional 195 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Rio Tinto Group during the 4th quarter worth approximately $47,000. HHM Wealth Advisors LLC acquired a new stake in shares of Rio Tinto Group during the 4th quarter worth approximately $50,000. Hara Capital LLC acquired a new stake in Rio Tinto Group in the third quarter worth $53,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Rio Tinto Group by 49.1% during the third quarter. Nisa Investment Advisors LLC now owns 820 shares of the mining company’s stock valued at $58,000 after purchasing an additional 270 shares during the period. 19.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Jefferies Financial Group reduced their target price on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company 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 note on Saturday, February 22nd. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Trading Down 0.3 %

NYSE:RIO opened at $60.51 on Friday. Rio Tinto Group has a one year low of $57.85 and a one year high of $74.24. The company has a market cap of $75.82 billion, a PE ratio of 9.38, a PEG ratio of 0.42 and a beta of 0.65. 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 50-day moving average of $60.77 and a 200-day moving average of $62.88.

Rio Tinto Group Increases Dividend

The business also recently disclosed 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 is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a yield of 7%. The ex-dividend date is Friday, March 7th. Rio Tinto Group’s payout ratio is currently 69.15%.

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.