Cravens & Co Advisors LLC Sells 6,602 Shares of Rio Tinto Group (NYSE:RIO)

Cravens & Co Advisors LLC trimmed its stake in Rio Tinto Group (NYSE:RIO) by 52.2% during the fourth quarter, Holdings Channel reports. The fund owned 6,055 shares of the mining company’s stock after selling 6,602 shares during the quarter. Cravens & Co Advisors LLC’s holdings in Rio Tinto Group were worth $356,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RIO. United Capital Financial Advisors LLC boosted its holdings in shares of Rio Tinto Group by 4.3% during the 4th quarter. United Capital Financial Advisors LLC now owns 7,575 shares of the mining company’s stock worth $445,000 after buying an additional 310 shares during the period. Gabelli Funds LLC boosted its holdings in Rio Tinto Group by 8.8% during the fourth quarter. Gabelli Funds LLC now owns 370,300 shares of the mining company’s stock valued at $21,777,000 after acquiring an additional 29,800 shares during the period. Bridgewater Associates LP grew its position in shares of Rio Tinto Group by 94.2% in the fourth quarter. Bridgewater Associates LP now owns 494,747 shares of the mining company’s stock valued at $29,096,000 after purchasing an additional 239,982 shares during the last quarter. Rossby Financial LCC bought a new position in shares of Rio Tinto Group in the fourth quarter worth about $360,000. Finally, LaSalle St. Investment Advisors LLC lifted its position in shares of Rio Tinto Group by 30.3% during the 4th quarter. LaSalle St. Investment Advisors LLC now owns 5,477 shares of the mining company’s stock worth $322,000 after purchasing an additional 1,275 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Group Price Performance

Shares of RIO stock opened at $57.16 on Wednesday. The stock’s fifty day moving average is $60.80 and its 200-day moving average is $62.12. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. Rio Tinto Group has a 52 week low of $51.67 and a 52 week high of $74.24. The stock has a market capitalization of $71.67 billion, a PE ratio of 8.86, a PEG ratio of 0.42 and a beta of 0.66.

Rio Tinto Group Increases Dividend

The business 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 $2.23 dividend. This represents a yield of 7%. The ex-dividend date is Friday, March 7th. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s dividend payout ratio (DPR) is presently 69.15%.

Wall Street Analyst Weigh In

Several research analysts have commented on RIO shares. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. DZ Bank raised Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Jefferies Financial Group decreased their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They issued an “overweight” rating for the company. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.