Capital Research Global Investors Takes $1.97 Million Position in Rio Tinto Group (NYSE:RIO)

Capital Research Global Investors purchased a new position in shares of Rio Tinto Group (NYSE:RIO - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 33,611 shares of the mining company's stock, valued at approximately $1,969,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RIO. Rakuten Securities Inc. increased its holdings in shares of Rio Tinto Group by 74.8% in the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock valued at $29,000 after acquiring an additional 211 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its position in Rio Tinto Group by 63.9% during the 4th 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 last quarter. Mechanics Financial Corp acquired a new position in Rio Tinto Group in the fourth quarter valued at $29,000. Golden State Wealth Management LLC acquired a new position in Rio Tinto Group in the fourth quarter valued at $47,000. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Rio Tinto Group in the fourth quarter valued at about $50,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RIO. Clarkson Capital upgraded Rio Tinto Group to a "strong-buy" rating in a research report on Friday, February 28th. Barclays restated an "overweight" rating on shares of Rio Tinto Group in a research note on Wednesday, April 16th. DZ Bank upgraded shares of Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, March 27th. JPMorgan Chase & Co. began coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They issued an "overweight" rating on the stock. Finally, Morgan Stanley cut shares of Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, April 9th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and four have given a strong buy rating to the company. Based on data from MarketBeat, Rio Tinto Group has a consensus rating of "Buy" and a consensus price target of $73.00.

Rio Tinto Group Price Performance

NYSE RIO traded down $1.11 during mid-day trading on Friday, hitting $60.58. The stock had a trading volume of 2,694,997 shares, compared to its average volume of 2,865,048. The company has a 50 day simple moving average of $60.24 and a 200 day simple moving average of $61.59. 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 company has a market cap of $75.97 billion, a price-to-earnings ratio of 9.39, a P/E/G ratio of 0.42 and a beta of 0.66. Rio Tinto Group has a 52-week low of $51.67 and a 52-week high of $74.24.

Rio Tinto Group Increases Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, April 17th. Shareholders of record on Friday, March 7th were given a dividend of $2.23 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a yield of 7%. This is a boost from Rio Tinto Group's previous semi-annual dividend of $1.77. Rio Tinto Group's payout ratio is presently 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.