33,611 Shares in Rio Tinto Group (NYSE:RIO) Purchased by Capital Research Global Investors

Capital Research Global Investors bought a new position in shares of Rio Tinto Group (NYSE:RIO) during the 4th quarter, HoldingsChannel.com reports. The fund bought 33,611 shares of the mining company’s stock, valued at approximately $1,969,000.

Several other institutional investors also recently modified their holdings of the business. Rakuten Securities Inc. grew its stake in Rio Tinto Group by 74.8% in the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock valued at $29,000 after purchasing an additional 211 shares during the period. Thurston Springer Miller Herd & Titak Inc. increased its holdings in 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 buying an additional 195 shares during the last quarter. Mechanics Financial Corp bought a new stake in Rio Tinto Group in the fourth quarter worth about $29,000. Golden State Wealth Management LLC purchased a new position in Rio Tinto Group in the fourth quarter valued at about $47,000. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Rio Tinto Group during the 4th quarter worth approximately $50,000. 19.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on RIO. Jefferies Financial Group decreased their target price on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. JPMorgan Chase & Co. assumed coverage on shares of Rio Tinto Group in a research report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Morgan Stanley lowered shares of 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 report on Thursday, March 27th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, Rio Tinto Group presently has an average rating of “Buy” and a consensus price target of $73.00.

Rio Tinto Group Stock Up 0.6 %

Shares of NYSE:RIO opened at $58.54 on Tuesday. The company has a market cap of $73.41 billion, a price-to-earnings ratio of 9.08, a PEG ratio of 0.42 and a beta of 0.66. Rio Tinto Group has a one year low of $51.67 and a one year high of $74.24. The firm has a fifty day moving average price of $60.48 and a two-hundred day moving average price of $61.71. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16.

Rio Tinto Group Increases Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, April 17th. Shareholders of record on Friday, March 7th were paid a $2.23 dividend. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a yield of 7%. The ex-dividend date was Friday, March 7th. Rio Tinto Group’s dividend payout ratio is currently 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.