Cadence Wealth Management LLC Has $718,000 Stake in Rio Tinto Group (NYSE:RIO)

Cadence Wealth Management LLC increased its stake in shares of Rio Tinto Group (NYSE:RIO) by 4.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 12,201 shares of the mining company’s stock after acquiring an additional 481 shares during the period. Rio Tinto Group accounts for about 0.5% of Cadence Wealth Management LLC’s holdings, making the stock its 21st largest position. Cadence Wealth Management LLC’s holdings in Rio Tinto Group were worth $718,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jeppson Wealth Management LLC grew its holdings in Rio Tinto Group by 47.5% in the 4th quarter. Jeppson Wealth Management LLC now owns 20,093 shares of the mining company’s stock valued at $1,182,000 after buying an additional 6,473 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Rio Tinto Group by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after buying an additional 485,731 shares during the last quarter. Northwest Bancshares Inc. acquired a new stake in Rio Tinto Group in the 3rd quarter valued at approximately $1,440,000. Barclays PLC grew its holdings in Rio Tinto Group by 225.6% in the 3rd quarter. Barclays PLC now owns 335,637 shares of the mining company’s stock valued at $23,888,000 after buying an additional 232,539 shares during the last quarter. Finally, Marshall Financial Group LLC acquired a new stake in Rio Tinto Group in the 4th quarter valued at approximately $810,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

Shares of RIO stock opened at $63.44 on Tuesday. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $79.49 billion, a P/E ratio of 9.84, a P/E/G ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a 12 month low of $57.85 and a 12 month high of $74.24. The stock has a 50 day moving average of $61.53 and a two-hundred day moving average of $62.84.

Rio Tinto Group Increases Dividend

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

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Jefferies Financial Group lowered their target price 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. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. Finally, StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Three research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Company 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.