Rio Tinto Group (NYSE:RIO) Shares Purchased by Core Wealth Partners LLC

Core Wealth Partners LLC raised its stake in Rio Tinto Group (NYSE:RIO) by 14.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,000 shares of the mining company’s stock after acquiring an additional 1,000 shares during the quarter. Core Wealth Partners LLC’s holdings in Rio Tinto Group were worth $470,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Empowered Funds LLC grew its position in Rio Tinto Group by 13.7% during the third quarter. Empowered Funds LLC now owns 3,567 shares of the mining company’s stock valued at $254,000 after acquiring an additional 431 shares during the period. Thrivent Financial for Lutherans grew its position in Rio Tinto Group by 11.1% in the third quarter. Thrivent Financial for Lutherans now owns 30,275 shares of the mining company’s stock valued at $2,155,000 after acquiring an additional 3,017 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Rio Tinto Group by 2.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 132,141 shares of the mining company’s stock valued at $9,404,000 after purchasing an additional 3,524 shares during the period. Eagle Asset Management Inc. lifted its position in shares of Rio Tinto Group by 11.1% during the third quarter. Eagle Asset Management Inc. now owns 9,040 shares of the mining company’s stock worth $643,000 after purchasing an additional 903 shares in the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Rio Tinto Group by 26.6% in the third quarter. Cerity Partners LLC now owns 55,078 shares of the mining company’s stock valued at $3,920,000 after purchasing an additional 11,558 shares during the period. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on RIO. JPMorgan Chase & Co. initiated coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Jefferies Financial Group cut their target price on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Finally, StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Stock Performance

NYSE RIO opened at $62.86 on Wednesday. The company has a market capitalization of $78.77 billion, a P/E ratio of 9.75, a P/E/G ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a 12-month low of $57.85 and a 12-month high of $74.24. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $62.01 and a two-hundred day moving average price of $62.92.

Rio Tinto Group Increases Dividend

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