FineMark National Bank & Trust Decreases Holdings in Rio Tinto Group (NYSE:RIO)

FineMark National Bank & Trust decreased its holdings in Rio Tinto Group (NYSE:RIO) by 2.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,969 shares of the mining company’s stock after selling 617 shares during the period. FineMark National Bank & Trust’s holdings in Rio Tinto Group were worth $1,527,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC boosted its position in Rio Tinto Group by 13.7% during the third quarter. Empowered Funds LLC now owns 3,567 shares of the mining company’s stock valued at $254,000 after buying an additional 431 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of Rio Tinto Group by 11.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 30,275 shares of the mining company’s stock valued at $2,155,000 after acquiring an additional 3,017 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Rio Tinto Group by 2.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 132,141 shares of the mining company’s stock valued at $9,404,000 after acquiring an additional 3,524 shares during the period. Eagle Asset Management Inc. grew its position in Rio Tinto Group by 11.1% during the 3rd quarter. Eagle Asset Management Inc. now owns 9,040 shares of the mining company’s stock worth $643,000 after acquiring an additional 903 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in Rio Tinto Group by 26.6% in the 3rd quarter. Cerity Partners LLC now owns 55,078 shares of the mining company’s stock worth $3,920,000 after purchasing an additional 11,558 shares during the period. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Stock Up 1.1 %

Shares of Rio Tinto Group stock opened at $62.86 on Wednesday. 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 has a 12-month low of $57.85 and a 12-month high of $74.24. The company has a market cap of $78.77 billion, a P/E ratio of 9.75, a PEG ratio of 0.42 and a beta of 0.60. The company’s fifty day simple moving average is $62.01 and its two-hundred day simple moving average is $62.92.

Rio Tinto Group Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Investors of record on Friday, March 7th will be given a dividend of $2.23 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a dividend yield of 7%. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s payout ratio is currently 69.15%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RIO. Jefferies Financial Group dropped their price objective 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. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. StockNews.com lowered shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Finally, JPMorgan Chase & Co. initiated coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They set an “overweight” rating for the company. Three research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

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.