Nikko Asset Management Americas Inc. Lowers Stock Holdings in Rio Tinto Group (NYSE:RIO)

Nikko Asset Management Americas Inc. reduced its position in Rio Tinto Group (NYSE:RIO) by 12.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 54,581 shares of the mining company’s stock after selling 7,933 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Rio Tinto Group were worth $3,209,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Rio Tinto Group by 63.9% during 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. Rakuten Securities Inc. grew its stake in shares of Rio Tinto Group by 74.8% during 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 period. Golden State Wealth Management LLC purchased a new stake in shares of Rio Tinto Group during the 4th quarter valued at $47,000. HHM Wealth Advisors LLC purchased a new stake in shares of Rio Tinto Group during the 4th quarter valued at $50,000. Finally, FSC Wealth Advisors LLC grew its stake in shares of Rio Tinto Group by 150.0% during the 4th quarter. FSC Wealth Advisors LLC now owns 1,000 shares of the mining company’s stock valued at $59,000 after buying an additional 600 shares during the period. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Group Stock Performance

NYSE:RIO opened at $63.44 on Tuesday. Rio Tinto Group has a twelve month low of $57.85 and a twelve month 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 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. The firm’s fifty day simple moving average is $61.53 and its 200 day simple moving average is $62.84.

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 issued a $2.23 dividend. The ex-dividend date is Friday, March 7th. This represents a yield of 7%. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s payout ratio is currently 69.15%.

Analyst Ratings Changes

Several brokerages have recently issued reports on RIO. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. StockNews.com lowered shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Finally, Jefferies Financial Group reduced their target price on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Three 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. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target 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.