Summitry LLC Sells 299 Shares of Rio Tinto Group (NYSE:RIO)

Summitry LLC reduced its position in shares of Rio Tinto Group (NYSE:RIO) by 7.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,599 shares of the mining company’s stock after selling 299 shares during the period. Summitry LLC’s holdings in Rio Tinto Group were worth $212,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Rio Tinto Group by 63.9% in the fourth 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 during the last quarter. Rakuten Securities Inc. raised its position 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 last quarter. Golden State Wealth Management LLC acquired a new position in Rio Tinto Group in the fourth quarter worth $47,000. HHM Wealth Advisors LLC bought a new stake in shares of Rio Tinto Group during the fourth quarter worth $50,000. Finally, FSC Wealth Advisors LLC increased its stake in shares of Rio Tinto Group by 150.0% in the fourth quarter. FSC Wealth Advisors LLC now owns 1,000 shares of the mining company’s stock valued at $59,000 after buying an additional 600 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Group Stock Performance

Shares of NYSE:RIO opened at $62.86 on Wednesday. The company has a market capitalization of $78.77 billion, a price-to-earnings ratio of 9.75, a P/E/G ratio of 0.42 and a beta of 0.60. The firm’s 50 day simple moving average is $62.01 and its 200 day simple moving average is $62.92. 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 has a fifty-two week low of $57.85 and a fifty-two week high of $74.24.

Rio Tinto Group Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be issued a dividend of $2.23 per share. The ex-dividend date is Friday, March 7th. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a yield of 7%. Rio Tinto Group’s payout ratio is currently 69.15%.

Analyst Ratings Changes

A number of equities research analysts have commented on RIO shares. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. StockNews.com cut 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 dropped their price objective on shares of 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. Finally, JPMorgan Chase & Co. started coverage on Rio Tinto Group in a research report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently 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.