Rossby Financial LCC Takes Position in Rio Tinto Group (NYSE:RIO)

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

Several other hedge funds also recently added to or reduced their stakes in RIO. Barclays PLC boosted its position in shares of Rio Tinto Group by 225.6% during 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 period. Coldstream Capital Management Inc. boosted its holdings 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 valued at $331,000 after acquiring an additional 591 shares during the period. McIlrath & Eck LLC boosted its holdings 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 acquiring an additional 236 shares during the period. Advisory Resource Group grew its position in Rio Tinto Group by 11.1% in the 3rd quarter. Advisory Resource Group now owns 16,812 shares of the mining company’s stock valued at $1,197,000 after acquiring an additional 1,678 shares during the last quarter. Finally, Stock Yards Bank & Trust Co. increased its stake in Rio Tinto Group by 11.3% in the third quarter. Stock Yards Bank & Trust Co. now owns 5,212 shares of the mining company’s stock worth $371,000 after purchasing an additional 529 shares during the period. 19.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Rio Tinto Group Stock Performance

Shares of RIO stock opened at $56.93 on Tuesday. The company’s 50 day moving average is $60.90 and its 200 day moving average is $62.15. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The firm has a market cap of $71.39 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 0.42 and a beta of 0.66. Rio Tinto Group has a 52-week low of $51.67 and a 52-week high of $74.24.

Rio Tinto Group Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be given a $2.23 dividend. This represents a dividend yield of 7%. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date of this dividend is Friday, March 7th. Rio Tinto Group’s payout ratio is presently 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.