Wellington Management Group LLP Has $1.10 Billion Stock Holdings in Rio Tinto Group (NYSE:RIO)

Wellington Management Group LLP lowered its stake in Rio Tinto Group (NYSE:RIO) by 12.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 18,782,871 shares of the mining company’s stock after selling 2,592,910 shares during the period. Wellington Management Group LLP’s holdings in Rio Tinto Group were worth $1,104,621,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of RIO. Palliser Capital UK Ltd grew its stake in Rio Tinto Group by 213.8% in the fourth quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after purchasing an additional 674,117 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Rio Tinto Group in the fourth quarter valued at $29,606,000. SPX Gestao de Recursos Ltda grew its stake in shares of Rio Tinto Group by 1,773.2% in the third quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock valued at $30,384,000 after buying an additional 404,131 shares in the last quarter. FMR LLC increased its holdings 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 buying an additional 358,630 shares during the last quarter. Finally, ABC Arbitrage SA bought a new stake in Rio Tinto Group during the fourth quarter worth $20,026,000. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Stock Performance

NYSE:RIO opened at $60.11 on Tuesday. 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 stock has a 50 day simple moving average of $62.09 and a 200 day simple moving average of $62.94. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24. The stock has a market cap of $75.37 billion, a P/E ratio of 9.32, a PEG ratio of 0.42 and a beta of 0.60.

Rio Tinto Group Increases Dividend

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

Wall Street Analysts Forecast Growth

RIO has been the subject of several recent analyst reports. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Jefferies Financial Group reduced their target price 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. JPMorgan Chase & Co. started coverage on Rio Tinto Group in a report on Tuesday, March 18th. They set an “overweight” rating on the stock. DZ Bank raised Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. Finally, StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Three research analysts have rated the stock with a hold rating, five have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, Rio Tinto Group presently has a consensus rating of “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.