Raymond James Financial Inc. Purchases Shares of 503,410 Rio Tinto Group (NYSE:RIO)

Raymond James Financial Inc. purchased a new position in shares of Rio Tinto Group (NYSE:RIO - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 503,410 shares of the mining company's stock, valued at approximately $29,606,000.

Several other large investors have also recently made changes to their positions in RIO. Aigen Investment Management LP purchased a new stake in Rio Tinto Group in the 3rd quarter valued at $431,000. Oppenheimer & Co. Inc. grew its holdings in Rio Tinto Group by 6.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 38,586 shares of the mining company's stock valued at $2,746,000 after buying an additional 2,459 shares in the last quarter. Huntington National Bank grew its holdings in Rio Tinto Group by 11.3% in the 3rd quarter. Huntington National Bank now owns 2,345 shares of the mining company's stock valued at $167,000 after buying an additional 239 shares in the last quarter. Vectors Research Management LLC grew its holdings in Rio Tinto Group by 4.6% in the 3rd quarter. Vectors Research Management LLC now owns 8,283 shares of the mining company's stock valued at $590,000 after buying an additional 364 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in Rio Tinto Group by 13.7% in the 3rd quarter. Empowered Funds LLC now owns 3,567 shares of the mining company's stock valued at $254,000 after buying an additional 431 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Trading Up 1.0 %

RIO traded up $0.65 during mid-day trading on Tuesday, hitting $64.12. 2,713,930 shares of the stock were exchanged, compared to its average volume of 2,753,540. The firm's fifty day moving average is $61.53 and its two-hundred day moving average is $62.84. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The company has a market cap of $80.35 billion, a PE ratio of 9.94, a PEG ratio of 0.42 and a beta of 0.60.

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Rio Tinto Group Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be given a $2.23 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a yield of 7%. This is a positive change from Rio Tinto Group's previous semi-annual dividend of $1.77. Rio Tinto Group's dividend payout ratio (DPR) is currently 69.15%.

Analyst Ratings Changes

RIO has been the subject of several analyst reports. StockNews.com cut Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 22nd. Jefferies Financial Group dropped their target price on Rio Tinto Group from $83.00 to $73.00 and set a "buy" rating for the company in a report on Monday, January 6th. Clarkson Capital upgraded Rio Tinto Group to a "strong-buy" rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. began coverage on Rio Tinto Group in a report on Tuesday. They set an "overweight" rating for the company. Three research 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

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.