Rossby Financial LCC Takes $360,000 Position in Rio Tinto Group (NYSE:RIO)

Rossby Financial LCC bought a new stake in Rio Tinto Group (NYSE:RIO - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,129 shares of the mining company's stock, valued at approximately $360,000.

Other hedge funds also recently added to or reduced their stakes in the company. LaSalle St. Investment Advisors LLC boosted its stake in shares of Rio Tinto Group by 30.3% during the 4th quarter. LaSalle St. Investment Advisors LLC now owns 5,477 shares of the mining company's stock worth $322,000 after acquiring an additional 1,275 shares in the last quarter. XTX Topco Ltd acquired a new stake in Rio Tinto Group in the 4th quarter valued at $1,241,000. Mariner LLC grew its position in Rio Tinto Group by 5.3% in the fourth quarter. Mariner LLC now owns 107,708 shares of the mining company's stock valued at $6,334,000 after acquiring an additional 5,439 shares in the last quarter. SageView Advisory Group LLC lifted its stake in shares of Rio Tinto Group by 32.1% in the fourth quarter. SageView Advisory Group LLC now owns 3,939 shares of the mining company's stock worth $232,000 after acquiring an additional 957 shares in the last quarter. Finally, TT Capital Management LLC acquired a new position in Rio Tinto Group during the 4th quarter worth $218,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RIO has been the subject of several analyst reports. Barclays reiterated an "overweight" rating on shares of Rio Tinto Group in a research report on Wednesday. JPMorgan Chase & Co. assumed coverage on shares of Rio Tinto Group in a research report on Tuesday, March 18th. They issued an "overweight" rating for the company. StockNews.com cut Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 12th. Clarkson Capital raised Rio Tinto Group to a "strong-buy" rating in a research report on Friday, February 28th. Finally, DZ Bank raised shares of Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 27th. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, Rio Tinto Group has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Group Stock Performance

Shares of RIO stock traded up $0.99 during trading hours on Friday, hitting $58.15. 2,747,506 shares of the company were exchanged, compared to its average volume of 2,872,026. The stock has a market capitalization of $72.91 billion, a price-to-earnings ratio of 9.02, a P/E/G ratio of 0.42 and a beta of 0.66. Rio Tinto Group has a 52-week low of $51.67 and a 52-week 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 firm has a fifty day simple moving average of $60.62 and a 200 day simple moving average of $62.00.

Rio Tinto Group Increases Dividend

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