Bank of Montreal Can Has $88.34 Million Position in Rio Tinto Group (NYSE:RIO)

Bank of Montreal Can decreased its position in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 6.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,502,148 shares of the mining company's stock after selling 105,206 shares during the period. Bank of Montreal Can owned 0.12% of Rio Tinto Group worth $88,341,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of 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 valued at $29,000 after buying an additional 195 shares during the last quarter. Rakuten Securities Inc. lifted its stake in Rio Tinto Group by 74.8% in the fourth 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 last quarter. Mechanics Financial Corp bought a new stake in Rio Tinto Group in the fourth quarter worth approximately $29,000. Golden State Wealth Management LLC acquired a new position in shares of Rio Tinto Group during the 4th quarter worth $47,000. Finally, HHM Wealth Advisors LLC bought a new position in shares of Rio Tinto Group during the 4th quarter valued at $50,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Wall Street Analyst Weigh In

RIO has been the subject of a number of recent research reports. JPMorgan Chase & Co. initiated coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an "overweight" rating for the company. DZ Bank upgraded Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 27th. Clarkson Capital raised Rio Tinto Group to a "strong-buy" rating in a research note on Friday, February 28th. Morgan Stanley cut Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, April 9th. Finally, StockNews.com downgraded Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Saturday. Four investment 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 company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $73.00.

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Rio Tinto Group Stock Performance

NYSE:RIO traded up $0.60 during mid-day trading on Monday, hitting $57.46. 865,219 shares of the company's stock traded hands, compared to its average volume of 2,873,230. The firm has a market capitalization of $72.05 billion, a price-to-earnings ratio of 8.91, a price-to-earnings-growth ratio of 0.42 and a beta of 0.66. The firm has a 50 day moving average of $60.99 and a two-hundred day moving average of $62.25. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 12 month low of $51.67 and a 12 month high of $74.24.

Rio Tinto Group Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be given a $2.23 dividend. This represents a dividend yield of 7%. This is a boost from Rio Tinto Group's previous semi-annual dividend of $1.77. The ex-dividend date of this dividend is Friday, March 7th. Rio Tinto Group's dividend payout ratio is currently 69.15%.

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.