Franklin Resources Inc. Purchases 70,131 Shares of Rio Tinto Group (NYSE:RIO)

Franklin Resources Inc. raised its position in Rio Tinto Group (NYSE:RIO - Free Report) by 1.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,115,476 shares of the mining company's stock after acquiring an additional 70,131 shares during the quarter. Franklin Resources Inc. owned approximately 0.41% of Rio Tinto Group worth $300,841,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Fisher Asset Management LLC lifted its stake in Rio Tinto Group by 0.4% in the 4th quarter. Fisher Asset Management LLC now owns 17,604,463 shares of the mining company's stock valued at $1,035,319,000 after purchasing an additional 76,368 shares during the last quarter. FMR LLC lifted its position in shares of Rio Tinto Group by 35.1% in the third quarter. FMR LLC now owns 1,381,766 shares of the mining company's stock valued at $98,340,000 after buying an additional 358,630 shares during the last quarter. Todd Asset Management LLC lifted its position in shares of Rio Tinto Group by 1.0% in the fourth quarter. Todd Asset Management LLC now owns 1,068,182 shares of the mining company's stock valued at $62,820,000 after buying an additional 10,062 shares during the last quarter. Palliser Capital UK Ltd increased its holdings in shares of Rio Tinto Group by 213.8% during the 4th quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company's stock worth $58,188,000 after acquiring an additional 674,117 shares during the last quarter. Finally, Natixis Advisors LLC raised its stake in Rio Tinto Group by 11.2% in the 4th quarter. Natixis Advisors LLC now owns 763,952 shares of the mining company's stock valued at $44,928,000 after acquiring an additional 77,130 shares during the period. Institutional investors own 19.33% of the company's stock.

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Analysts Set New Price Targets

Several equities analysts have commented on RIO shares. StockNews.com downgraded shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, February 22nd. Jefferies Financial Group decreased their price target 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. JPMorgan Chase & Co. began coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an "overweight" rating on the stock. DZ Bank upgraded Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, March 27th. Finally, Clarkson Capital upgraded Rio Tinto Group to a "strong-buy" rating in a research note on Friday, February 28th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $73.00.

Rio Tinto Group Price Performance

Shares of RIO stock traded down $1.44 during trading on Thursday, hitting $58.47. The company had a trading volume of 4,255,696 shares, compared to its average volume of 2,832,670. The firm has a market capitalization of $73.31 billion, a P/E ratio of 9.06, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a one year low of $57.85 and a one year high of $74.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. The stock's 50-day moving average price is $61.97 and its 200 day moving average price is $62.87.

Rio Tinto Group Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be given a dividend of $2.23 per share. This represents a dividend yield of 7%. This is an increase from Rio Tinto Group's previous semi-annual dividend of $1.77. The ex-dividend date is Friday, March 7th. Rio Tinto Group's dividend payout ratio is presently 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.