503,410 Shares in Rio Tinto Group (NYSE:RIO) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in shares of Rio Tinto Group (NYSE:RIO) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 503,410 shares of the mining company’s stock, valued at approximately $29,606,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Cullen Frost Bankers Inc. boosted its position in shares of Rio Tinto Group by 30.0% during the 4th quarter. Cullen Frost Bankers Inc. now owns 92,844 shares of the mining company’s stock worth $5,460,000 after purchasing an additional 21,403 shares during the period. Assetmark Inc. boosted its position in shares of Rio Tinto Group by 0.6% during the 4th quarter. Assetmark Inc. now owns 63,782 shares of the mining company’s stock worth $3,751,000 after purchasing an additional 372 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Rio Tinto Group by 28.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 81,888 shares of the mining company’s stock worth $4,816,000 after buying an additional 18,179 shares in the last quarter. Mission Wealth Management LP lifted its holdings in Rio Tinto Group by 12.9% during the 4th quarter. Mission Wealth Management LP now owns 9,658 shares of the mining company’s stock worth $568,000 after buying an additional 1,104 shares in the last quarter. Finally, LGT Group Foundation acquired a new stake in Rio Tinto Group during the 4th quarter worth approximately $342,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

Shares of RIO opened at $63.08 on Friday. Rio Tinto Group has a twelve month low of $57.85 and a twelve month high of $74.24. The firm’s fifty day simple moving average is $61.43 and its 200-day simple moving average is $62.85. The firm has a market capitalization of $79.04 billion, a price-to-earnings ratio of 9.78, a PEG ratio of 0.42 and a beta of 0.60. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

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 issued a $2.23 dividend. This represents a dividend yield of 7%. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date is Friday, March 7th. Rio Tinto Group’s dividend payout ratio (DPR) is presently 69.15%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RIO shares. Jefferies Financial Group reduced their target price on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Clarkson Capital upgraded shares of 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 report on Saturday, February 22nd. Three analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company 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.