Raymond James Financial Inc. Acquires New Position in Rio Tinto Group (NYSE:RIO)

Raymond James Financial Inc. purchased a new position in Rio Tinto Group (NYSE:RIO - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 503,410 shares of the mining company's stock, valued at approximately $29,606,000.

A number of other large investors have also made changes to their positions in the stock. Dorsey & Whitney Trust CO LLC increased its stake in Rio Tinto Group by 2.0% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 8,113 shares of the mining company's stock valued at $477,000 after purchasing an additional 160 shares during the last quarter. Nemes Rush Group LLC lifted its holdings in shares of Rio Tinto Group by 10.0% during the 4th quarter. Nemes Rush Group LLC now owns 1,855 shares of the mining company's stock worth $109,000 after acquiring an additional 169 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Rio Tinto Group by 63.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company's stock valued at $29,000 after purchasing an additional 195 shares during the period. Cohen Investment Advisors LLC grew its stake in shares of Rio Tinto Group by 3.8% during the 4th quarter. Cohen Investment Advisors LLC now owns 5,352 shares of the mining company's stock valued at $315,000 after buying an additional 198 shares during the period. Finally, Mount Yale Investment Advisors LLC increased its holdings in shares of Rio Tinto Group by 2.0% during the 4th quarter. Mount Yale Investment Advisors LLC now owns 10,191 shares of the mining company's stock worth $599,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company's stock.

Rio Tinto Group Stock Up 2.5 %

Shares of NYSE RIO traded up $1.51 during midday trading on Wednesday, reaching $61.13. 1,550,568 shares of the company's stock were exchanged, compared to its average volume of 2,853,681. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. Rio Tinto Group has a 52-week low of $51.67 and a 52-week high of $74.24. The business's fifty day moving average price is $60.40 and its two-hundred day moving average price is $61.70. The stock has a market capitalization of $76.66 billion, a PE ratio of 9.48, a price-to-earnings-growth ratio of 0.42 and a beta of 0.66.

Rio Tinto Group Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Thursday, April 17th. Stockholders of record on Friday, March 7th were given a dividend of $2.23 per share. The ex-dividend date was Friday, March 7th. This represents a dividend yield of 7%. This is an increase from Rio Tinto Group's previous semi-annual dividend of $1.77. Rio Tinto Group's dividend payout ratio (DPR) is presently 69.15%.

Wall Street Analyst Weigh In

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

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.