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

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

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

Rio Tinto Group Stock Performance

RIO stock opened at $59.92 on Thursday. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24. 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 firm has a market cap of $75.14 billion, a PE ratio of 9.29, a P/E/G ratio of 0.42 and a beta of 0.60. The business’s 50-day moving average price is $62.04 and its two-hundred day moving average price is $62.91.

Rio Tinto Group Increases Dividend

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on RIO shares. JPMorgan Chase & Co. assumed coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They issued an “overweight” rating on the stock. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 22nd. DZ Bank raised Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, March 27th. Finally, Jefferies Financial Group cut their target price on 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. Three equities 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target 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.