Rio Tinto Group (NYSE:RIO) Shares Bought by Legacy Financial Advisors Inc.

Legacy Financial Advisors Inc. raised its holdings in Rio Tinto Group (NYSE:RIO) by 16.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,894 shares of the mining company’s stock after purchasing an additional 1,402 shares during the period. Legacy Financial Advisors Inc.’s holdings in Rio Tinto Group were worth $582,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in RIO. Scotia Capital Inc. lifted its position in shares of Rio Tinto Group by 6.2% during the 4th quarter. Scotia Capital Inc. now owns 94,749 shares of the mining company’s stock valued at $5,572,000 after buying an additional 5,538 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Rio Tinto Group during the fourth quarter worth $29,606,000. Capula Management Ltd purchased a new position in Rio Tinto Group during the fourth quarter valued at $469,000. Renaissance Technologies LLC grew its position in shares of Rio Tinto Group by 113.7% in the fourth quarter. Renaissance Technologies LLC now owns 471,400 shares of the mining company’s stock valued at $27,723,000 after purchasing an additional 250,800 shares during the period. Finally, Rathbones Group PLC increased its stake in shares of Rio Tinto Group by 15.6% during the fourth quarter. Rathbones Group PLC now owns 18,785 shares of the mining company’s stock worth $1,111,000 after purchasing an additional 2,535 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Price Performance

RIO stock opened at $54.81 on Friday. Rio Tinto Group has a 1 year low of $51.67 and a 1 year 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. The firm has a market capitalization of $68.73 billion, a PE ratio of 8.50, a price-to-earnings-growth ratio of 0.42 and a beta of 0.66. The business has a 50 day simple moving average of $61.08 and a 200-day simple moving average of $62.39.

Rio Tinto Group Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be issued a $2.23 dividend. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a yield of 7%. The ex-dividend date of this dividend is Friday, March 7th. Rio Tinto Group’s dividend payout ratio is presently 69.15%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RIO. Morgan Stanley lowered shares of Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. DZ Bank upgraded Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. JPMorgan Chase & Co. assumed coverage on Rio Tinto Group in a research note on Tuesday, March 18th. They issued an “overweight” rating for the company. Finally, Jefferies Financial Group lowered their target price on shares of 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. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and four have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target 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.