Oppenheimer & Co. Inc. Reduces Position in Rio Tinto Group (NYSE:RIO)

Oppenheimer & Co. Inc. trimmed its stake in Rio Tinto Group (NYSE:RIO) by 28.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,691 shares of the mining company’s stock after selling 10,895 shares during the period. Oppenheimer & Co. Inc.’s holdings in Rio Tinto Group were worth $1,629,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Concurrent Investment Advisors LLC grew its position in shares of Rio Tinto Group by 4.3% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 4,261 shares of the mining company’s stock valued at $303,000 after buying an additional 175 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position 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 last quarter. Cohen Investment Advisors LLC grew its position in shares of Rio Tinto Group by 3.8% in the 4th quarter. Cohen Investment Advisors LLC now owns 5,352 shares of the mining company’s stock valued at $315,000 after buying an additional 198 shares during the last quarter. Mount Yale Investment Advisors LLC grew its position in shares of Rio Tinto Group by 2.0% in the 4th quarter. Mount Yale Investment Advisors LLC now owns 10,191 shares of the mining company’s stock valued at $599,000 after buying an additional 200 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Rio Tinto Group by 12.2% in the 4th quarter. GAMMA Investing LLC now owns 1,861 shares of the mining company’s stock valued at $109,000 after buying an additional 203 shares during the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RIO shares. Jefferies Financial Group dropped 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 research report on Monday, January 6th. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Group Trading Up 0.8 %

Shares of Rio Tinto Group stock opened at $61.04 on Tuesday. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. The company has a market capitalization of $76.49 billion, a P/E ratio of 9.46, a PEG ratio of 0.42 and a beta of 0.65. The company’s fifty day moving average is $60.81 and its two-hundred day moving average is $62.87.

Rio Tinto Group Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be given a dividend of $2.23 per share. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a yield of 7%. The ex-dividend date is Friday, March 7th. Rio Tinto Group’s dividend payout ratio (DPR) 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.