Raymond James Financial Inc. Makes New $29.61 Million Investment in Rio Tinto Group (NYSE:RIO)

Raymond James Financial Inc. purchased a new stake in shares of Rio Tinto Group (NYSE:RIO) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 503,410 shares of the mining company’s stock, valued at approximately $29,606,000.

Other hedge funds also recently modified their holdings of the company. Dorsey & Whitney Trust CO LLC raised its position in Rio Tinto Group by 2.0% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 8,113 shares of the mining company’s stock worth $477,000 after purchasing an additional 160 shares during the last quarter. Nemes Rush Group LLC increased its stake in shares of Rio Tinto Group by 10.0% in the fourth quarter. Nemes Rush Group LLC now owns 1,855 shares of the mining company’s stock valued at $109,000 after buying an additional 169 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its position 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 worth $29,000 after acquiring an additional 195 shares during the last quarter. Cohen Investment Advisors LLC lifted its stake in shares of Rio Tinto Group by 3.8% in the fourth quarter. Cohen Investment Advisors LLC now owns 5,352 shares of the mining company’s stock worth $315,000 after acquiring an additional 198 shares during the period. Finally, Mount Yale Investment Advisors LLC boosted its holdings in Rio Tinto Group by 2.0% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 10,191 shares of the mining company’s stock valued at $599,000 after acquiring an additional 200 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

RIO stock opened at $58.15 on Friday. 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’s 50-day moving average is $60.62 and its 200-day moving average is $62.00. The stock has a market capitalization of $72.91 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 0.42 and a beta of 0.66. Rio Tinto Group has a 1 year low of $51.67 and a 1 year high of $74.24.

Rio Tinto Group Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Thursday, April 17th. Shareholders of record on Friday, March 7th were issued a $2.23 dividend. The ex-dividend date of this dividend was 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 dividend payout ratio is presently 69.15%.

Analysts Set New Price Targets

Several research analysts have issued reports on RIO shares. Morgan Stanley lowered shares of Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, April 9th. Jefferies Financial Group lowered their target price 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. JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a research report on Tuesday, March 18th. They set an “overweight” rating on the stock. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. Finally, DZ Bank raised Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, March 27th. Four analysts have rated the stock with a hold rating, six have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, Rio Tinto Group has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

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.