Rio Tinto Group (NYSE:RIO) Shares Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its position in Rio Tinto Group (NYSE:RIO) by 13.2% in the 4th quarter, Holdings Channel reports. The fund owned 166,826 shares of the mining company’s stock after buying an additional 19,485 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Rio Tinto Group were worth $9,811,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Concurrent Investment Advisors LLC lifted 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 acquiring an additional 175 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted 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 acquiring an additional 195 shares in the last quarter. Cohen Investment Advisors LLC lifted 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 acquiring an additional 198 shares in the last quarter. Mount Yale Investment Advisors LLC lifted 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 acquiring an additional 200 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Rio Tinto Group by 12.2% in the 4th quarter. GAMMA Investing LLC now owns 1,861 shares of the mining company’s stock worth $109,000 after buying an additional 203 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Stock Down 1.3 %

RIO stock opened at $60.77 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24. The company has a fifty day simple moving average of $60.73 and a 200 day simple moving average of $62.90. The firm has a market cap of $76.15 billion, a PE ratio of 9.42, a PEG ratio of 0.42 and a beta of 0.65.

Rio Tinto Group Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be issued a dividend of $2.23 per share. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date is Friday, March 7th. This represents a dividend yield of 7%. Rio Tinto Group’s payout ratio is presently 69.15%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RIO. StockNews.com lowered shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 22nd. Jefferies Financial Group decreased 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. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.