Rossby Financial LCC Buys New Stake in Rio Tinto Group (NYSE:RIO)

Rossby Financial LCC purchased a new position in shares of Rio Tinto Group (NYSE:RIO) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,129 shares of the mining company’s stock, valued at approximately $360,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RIO. Barclays PLC raised its stake in Rio Tinto Group by 225.6% in the third quarter. Barclays PLC now owns 335,637 shares of the mining company’s stock valued at $23,888,000 after buying an additional 232,539 shares during the last quarter. Coldstream Capital Management Inc. grew its position in Rio Tinto Group by 14.5% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,656 shares of the mining company’s stock worth $331,000 after purchasing an additional 591 shares during the last quarter. McIlrath & Eck LLC increased its stake in Rio Tinto Group by 20.6% during the 3rd quarter. McIlrath & Eck LLC now owns 1,382 shares of the mining company’s stock valued at $98,000 after purchasing an additional 236 shares in the last quarter. Advisory Resource Group raised its holdings in shares of Rio Tinto Group by 11.1% in the third quarter. Advisory Resource Group now owns 16,812 shares of the mining company’s stock worth $1,197,000 after buying an additional 1,678 shares during the last quarter. Finally, Stock Yards Bank & Trust Co. lifted its stake in shares of Rio Tinto Group by 11.3% during the third quarter. Stock Yards Bank & Trust Co. now owns 5,212 shares of the mining company’s stock worth $371,000 after buying an additional 529 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

NYSE:RIO opened at $56.93 on Tuesday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. The company has a 50 day moving average price of $60.90 and a 200-day moving average price of $62.15. Rio Tinto Group has a 1-year low of $51.67 and a 1-year high of $74.24. The firm has a market cap of $71.39 billion, a price-to-earnings ratio of 8.83, a price-to-earnings-growth ratio of 0.42 and a beta of 0.66.

Rio Tinto Group Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be given a $2.23 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a dividend 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 69.15%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. DZ Bank upgraded Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, March 27th. Morgan Stanley lowered Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, April 9th. JPMorgan Chase & Co. began coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Finally, Jefferies Financial Group cut their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.