Allen Wealth Management LLC Has $1.50 Million Stake in Rio Tinto Group (NYSE:RIO)

Allen Wealth Management LLC lifted its position in shares of Rio Tinto Group (NYSE:RIO) by 5.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,431 shares of the mining company’s stock after buying an additional 1,303 shares during the period. Rio Tinto Group comprises about 1.1% of Allen Wealth Management LLC’s investment portfolio, making the stock its 20th largest holding. Allen Wealth Management LLC’s holdings in Rio Tinto Group were worth $1,496,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Fisher Asset Management LLC boosted its stake in shares of Rio Tinto Group by 0.4% during the 4th 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 last quarter. Franklin Resources Inc. raised its holdings in Rio Tinto Group by 1.4% during the fourth quarter. Franklin Resources Inc. now owns 5,115,476 shares of the mining company’s stock worth $300,841,000 after acquiring an additional 70,131 shares in the last quarter. FMR LLC boosted its position 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 valued at $98,340,000 after purchasing an additional 358,630 shares during the last quarter. Todd Asset Management LLC grew its stake in Rio Tinto Group by 1.0% in the fourth quarter. Todd Asset Management LLC now owns 1,068,182 shares of the mining company’s stock valued at $62,820,000 after purchasing an additional 10,062 shares in the last quarter. Finally, Palliser Capital UK Ltd increased its holdings 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 buying an additional 674,117 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RIO shares. JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They issued an “overweight” rating for the company. Jefferies Financial Group cut their target price on shares of 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. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Finally, DZ Bank raised shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Rio Tinto Group presently has a consensus rating of “Buy” and an average price target of $73.00.

Rio Tinto Group Stock Performance

NYSE RIO opened at $59.92 on Thursday. Rio Tinto Group has a 12-month low of $57.85 and a 12-month high of $74.24. The firm has a 50-day moving average price of $62.04 and a two-hundred day moving average price of $62.91. The company has a market capitalization of $75.14 billion, a P/E ratio of 9.29, a P/E/G ratio of 0.42 and a beta of 0.60. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23.

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 yield of 7%. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s dividend payout ratio is currently 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.