RiverFront Investment Group LLC Acquires 6,121 Shares of Rio Tinto Group (NYSE:RIO)

RiverFront Investment Group LLC boosted its holdings in shares of Rio Tinto Group (NYSE:RIO) by 7.7% in the 4th quarter, Holdings Channel reports. The firm owned 85,659 shares of the mining company’s stock after buying an additional 6,121 shares during the period. RiverFront Investment Group LLC’s holdings in Rio Tinto Group were worth $6,377,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. AdvisorNet Financial Inc lifted its stake in shares of Rio Tinto Group by 785.7% in the 4th quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company’s stock valued at $28,000 after acquiring an additional 330 shares during the last quarter. SouthState Corp bought a new position in shares of Rio Tinto Group in the 3rd quarter valued at $32,000. Parkside Financial Bank & Trust lifted its stake in shares of Rio Tinto Group by 39.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 553 shares of the mining company’s stock valued at $41,000 after acquiring an additional 156 shares during the last quarter. Financial Management Professionals Inc. lifted its stake in shares of Rio Tinto Group by 250.6% in the 4th quarter. Financial Management Professionals Inc. now owns 617 shares of the mining company’s stock valued at $46,000 after acquiring an additional 441 shares during the last quarter. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Rio Tinto Group in the 4th quarter valued at $47,000. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Group Price Performance

NYSE RIO traded up $0.46 on Friday, reaching $68.24. The company had a trading volume of 3,019,687 shares, compared to its average volume of 3,306,954. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.17 and a current ratio of 1.69. The business has a 50 day moving average of $64.86 and a two-hundred day moving average of $67.30. Rio Tinto Group has a fifty-two week low of $58.27 and a fifty-two week high of $75.09.

Rio Tinto Group Increases Dividend

The firm also recently declared a semi-annual dividend, which was paid on Thursday, April 18th. Shareholders of record on Friday, March 8th were issued a dividend of $2.58 per share. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a yield of 6.6%. The ex-dividend date of this dividend was Thursday, March 7th.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 18th. Liberum Capital restated a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. Finally, The Goldman Sachs Group assumed coverage on Rio Tinto Group in a report on Friday, January 12th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $72.00.

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.