Sharpepoint LLC Purchases New Position in Rio Tinto Group (NYSE:RIO)

Sharpepoint LLC purchased a new position in shares of Rio Tinto Group (NYSE:RIO - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 19,500 shares of the mining company's stock, valued at approximately $1,147,000.

Several other large investors have also recently added to or reduced their stakes in the business. MML Investors Services LLC boosted its holdings in shares of Rio Tinto Group by 3.2% in the 4th quarter. MML Investors Services LLC now owns 41,563 shares of the mining company's stock valued at $2,444,000 after buying an additional 1,308 shares in the last quarter. Capital Research Global Investors purchased a new stake in Rio Tinto Group during the 4th quarter valued at approximately $1,969,000. Forum Financial Management LP lifted its holdings in shares of Rio Tinto Group by 93.8% during the fourth quarter. Forum Financial Management LP now owns 8,299 shares of the mining company's stock worth $488,000 after purchasing an additional 4,017 shares during the period. Capital International Investors purchased a new stake in shares of Rio Tinto Group in the fourth quarter valued at about $1,380,000. Finally, Farringdon Capital Ltd. acquired a new position in Rio Tinto Group during the 4th quarter worth approximately $247,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RIO has been the subject of several recent analyst reports. DZ Bank upgraded shares of Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 27th. Morgan Stanley cut shares of Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, April 9th. Barclays reiterated an "overweight" rating on shares of Rio Tinto Group in a report on Wednesday, April 16th. JPMorgan Chase & Co. began coverage on Rio Tinto Group in a report on Tuesday, March 18th. They issued an "overweight" rating on the stock. 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 given a buy rating and four have issued a strong buy rating to the company. According to MarketBeat, Rio Tinto Group presently has a consensus rating of "Buy" and a consensus target price of $73.00.

Rio Tinto Group Price Performance

NYSE:RIO traded up $0.57 during mid-day trading on Wednesday, reaching $60.19. 3,824,897 shares of the stock were exchanged, compared to its average volume of 2,863,684. Rio Tinto Group has a 1-year low of $51.67 and a 1-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 firm has a market capitalization of $75.48 billion, a PE ratio of 9.33, a PEG ratio of 0.42 and a beta of 0.66. The business has a fifty day moving average price of $60.40 and a 200 day moving average price of $61.70.

Rio Tinto Group Increases Dividend

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