Mission Wealth Management LP Grows Stock Position in Rio Tinto Group (NYSE:RIO)

Mission Wealth Management LP increased its holdings in shares of Rio Tinto Group (NYSE:RIO) by 12.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,658 shares of the mining company’s stock after buying an additional 1,104 shares during the quarter. Mission Wealth Management LP’s holdings in Rio Tinto Group were worth $568,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Fisher Asset Management LLC lifted its position in Rio Tinto Group by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 17,604,463 shares of the mining company’s stock worth $1,035,319,000 after buying an additional 76,368 shares during the period. FMR LLC increased its stake in Rio Tinto Group by 35.1% during the third quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock worth $98,340,000 after acquiring an additional 358,630 shares during the last quarter. Todd Asset Management LLC increased its stake in Rio Tinto Group by 1.0% during the fourth quarter. Todd Asset Management LLC now owns 1,068,182 shares of the mining company’s stock worth $62,820,000 after acquiring an additional 10,062 shares during the last quarter. Palliser Capital UK Ltd increased its stake in Rio Tinto Group by 213.8% during the fourth quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock worth $58,188,000 after acquiring an additional 674,117 shares during the last quarter. Finally, SPX Gestao de Recursos Ltda increased its stake in Rio Tinto Group by 1,773.2% during the third quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock worth $30,384,000 after acquiring an additional 404,131 shares during the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Price Performance

RIO stock opened at $63.83 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24. The firm has a market cap of $79.98 billion, a P/E ratio of 9.90, a price-to-earnings-growth ratio of 0.42 and a beta of 0.65. The stock has a 50-day simple moving average of $60.96 and a 200-day simple moving average of $62.88.

Rio Tinto Group Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be paid a $2.23 dividend. The ex-dividend date is Friday, March 7th. This represents a dividend yield of 7%. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s dividend payout ratio (DPR) is 69.15%.

Wall Street Analysts Forecast Growth

RIO has been the subject of several research analyst reports. StockNews.com lowered Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 22nd. Jefferies Financial Group dropped their price target on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

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.