Rio Tinto Group (NYSE:RIO) Shares Sold by Summit Global Investments

Summit Global Investments lowered its position in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 56.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,655 shares of the mining company's stock after selling 43,935 shares during the quarter. Summit Global Investments' holdings in Rio Tinto Group were worth $1,979,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in RIO. Rakuten Securities Inc. increased its stake in Rio Tinto Group by 74.8% in 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 during the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its stake 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 in the last quarter. Golden State Wealth Management LLC purchased a new stake in Rio Tinto Group during the fourth quarter valued at $47,000. HHM Wealth Advisors LLC bought a new position in Rio Tinto Group during the fourth quarter valued at $50,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Rio Tinto Group in the 4th quarter worth about $59,000. Institutional investors own 19.33% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RIO shares. JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an "overweight" rating for the company. Jefferies Financial Group dropped their target price on Rio Tinto Group from $83.00 to $73.00 and set a "buy" rating for the company in a report on Monday, January 6th. Clarkson Capital upgraded Rio Tinto Group to a "strong-buy" rating in a report on Friday, February 28th. Finally, StockNews.com lowered shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, February 22nd. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $73.00.

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Rio Tinto Group Stock Up 1.3 %

Rio Tinto Group stock traded up $0.80 during midday trading on Tuesday, hitting $62.97. 1,393,581 shares of the company's stock were exchanged, compared to its average volume of 2,754,348. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. The company has a market cap of $78.91 billion, a PE ratio of 9.76, a P/E/G ratio of 0.42 and a beta of 0.60. The firm has a 50-day moving average of $61.96 and a two-hundred day moving average of $62.90. Rio Tinto Group has a 12 month low of $57.85 and a 12 month high of $74.24.

Rio Tinto Group Increases Dividend

The company 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. The ex-dividend date of this dividend is 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 payout ratio is presently 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.