Massachusetts Financial Services Co. MA raised its position in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 26.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 167,490 shares of the mining company's stock after purchasing an additional 35,349 shares during the period. Massachusetts Financial Services Co. MA's holdings in Rio Tinto Group were worth $9,850,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Palliser Capital UK Ltd raised its holdings in shares of Rio Tinto Group by 213.8% in the fourth quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company's stock valued at $58,188,000 after acquiring an additional 674,117 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Rio Tinto Group during the 4th quarter valued at about $29,606,000. SPX Gestao de Recursos Ltda raised its holdings in shares of Rio Tinto Group by 1,773.2% in the 3rd quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company's stock valued at $30,384,000 after purchasing an additional 404,131 shares in the last quarter. ABC Arbitrage SA purchased a new stake in shares of Rio Tinto Group in the 4th quarter worth approximately $20,026,000. Finally, Barclays PLC boosted its stake in shares of Rio Tinto Group by 225.6% during the third quarter. Barclays PLC now owns 335,637 shares of the mining company's stock valued at $23,888,000 after purchasing an additional 232,539 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.
Rio Tinto Group Stock Up 3.6 %
Rio Tinto Group stock traded up $1.96 during midday trading on Friday, reaching $56.83. The company's stock had a trading volume of 3,931,606 shares, compared to its average volume of 2,886,640. Rio Tinto Group has a 52-week low of $51.67 and a 52-week high of $74.24. The stock has a market capitalization of $71.26 billion, a P/E ratio of 8.81, a PEG ratio of 0.42 and a beta of 0.66. 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 stock's 50-day simple moving average is $60.99 and its 200-day simple moving average is $62.31.
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 paid a dividend of $2.23 per share. This is a positive change from Rio Tinto Group's previous semi-annual dividend of $1.77. The ex-dividend date of this dividend is Friday, March 7th. This represents a yield of 7%. Rio Tinto Group's dividend payout ratio is presently 69.15%.
Wall Street Analyst Weigh In
RIO has been the subject of a number of recent research reports. StockNews.com downgraded shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Clarkson Capital raised Rio Tinto Group to a "strong-buy" rating in a research report on Friday, February 28th. Morgan Stanley cut Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research note on Wednesday. DZ Bank upgraded Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 27th. Finally, Jefferies Financial Group decreased their price target on shares of 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. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.
View Our Latest Research Report on Rio Tinto Group
Rio Tinto Group Profile
(
Free Report)
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.
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