Horizon Kinetics Asset Management LLC Buys 8,100 Shares of Rio Tinto Group (NYSE:RIO)

Horizon Kinetics Asset Management LLC raised its stake in shares of Rio Tinto Group (NYSE:RIO) by 49.8% in the 4th quarter, Holdings Channel reports. The firm owned 24,366 shares of the mining company’s stock after purchasing an additional 8,100 shares during the quarter. Horizon Kinetics Asset Management LLC’s holdings in Rio Tinto Group were worth $1,433,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Rakuten Securities Inc. raised its position in shares of Rio Tinto Group by 74.8% in the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock worth $29,000 after acquiring an additional 211 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Rio Tinto Group by 63.9% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock valued at $29,000 after buying an additional 195 shares during the period. Golden State Wealth Management LLC acquired a new stake in shares of Rio Tinto Group in the 4th quarter valued at about $47,000. HHM Wealth Advisors LLC acquired a new stake in shares of Rio Tinto Group in the 4th quarter valued at about $50,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of Rio Tinto Group in the 4th quarter valued at about $59,000. 19.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RIO has been the subject of several research reports. 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. StockNews.com cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Finally, Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Trading Up 0.6 %

Shares of RIO stock opened at $63.44 on Tuesday. The company’s fifty day simple moving average is $61.53 and its two-hundred day simple moving average is $62.84. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24. The stock has a market capitalization of $79.49 billion, a price-to-earnings ratio of 9.84, a PEG ratio of 0.42 and a beta of 0.60.

Rio Tinto Group Increases Dividend

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

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.