Capital World Investors Sells 2,110,579 Shares of Rio Tinto Group (NYSE:RIO)

Capital World Investors decreased its holdings in Rio Tinto Group (NYSE:RIO - Free Report) by 42.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,833,044 shares of the mining company's stock after selling 2,110,579 shares during the period. Capital World Investors owned about 0.23% of Rio Tinto Group worth $166,611,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Rakuten Securities Inc. boosted its stake in shares of Rio Tinto Group by 74.8% during the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock worth $29,000 after acquiring an additional 211 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its holdings in Rio Tinto Group by 63.9% during 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 last quarter. Mechanics Financial Corp bought a new position in shares of Rio Tinto Group in the fourth quarter valued at approximately $29,000. Golden State Wealth Management LLC acquired a new stake in shares of Rio Tinto Group in the fourth quarter worth $47,000. Finally, HHM Wealth Advisors LLC acquired a new position in Rio Tinto Group in the 4th quarter valued at $50,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RIO has been the subject of several research analyst reports. DZ Bank raised Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, March 27th. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto Group in a research report on Wednesday, April 16th. StockNews.com upgraded shares of Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a research report on Sunday, April 20th. Jefferies Financial Group decreased their target price on Rio Tinto Group from $83.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. started coverage on Rio Tinto Group in a research report on Tuesday, March 18th. They issued an "overweight" rating for the company. Four analysts have rated the stock with a hold rating, five have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Rio Tinto Group has an average rating of "Buy" and a consensus price target of $73.00.

Rio Tinto Group Stock Down 1.8 %

Shares of NYSE RIO traded down $1.11 during mid-day trading on Friday, hitting $60.58. The company had a trading volume of 2,472,747 shares, compared to its average volume of 3,345,927. The firm has a 50-day simple moving average of $60.31 and a two-hundred day simple moving average of $61.63. Rio Tinto Group has a one year low of $51.67 and a one year high of $74.24. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $75.97 billion, a PE ratio of 9.39, a price-to-earnings-growth ratio of 0.42 and a beta of 0.66.

Rio Tinto Group Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Thursday, April 17th. Shareholders of record on Friday, March 7th were paid a $2.23 dividend. 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 dividend payout ratio (DPR) is currently 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.