StockNews.com upgraded shares of Rio Tinto Group (NYSE:RIO – Free Report) from a buy rating to a strong-buy rating in a research report released on Thursday.
Several other analysts have also weighed in on RIO. The Goldman Sachs Group assumed coverage on Rio Tinto Group in a report on Friday, January 12th. They set a buy rating on the stock. Liberum Capital reissued a hold rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $72.00.
Check Out Our Latest Research Report on RIO
Rio Tinto Group Trading Up 0.4 %
Rio Tinto Group Increases Dividend
The business also recently announced a semi-annual dividend, which was paid on Thursday, April 18th. Investors of record on Friday, March 8th were given a dividend of $2.58 per share. This represents a dividend yield of 6.6%. The ex-dividend date was Thursday, March 7th. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77.
Hedge Funds Weigh In On Rio Tinto Group
Several hedge funds and other institutional investors have recently modified their holdings of RIO. Bank of New York Mellon Corp lifted its position in shares of Rio Tinto Group by 23.9% during the 1st quarter. Bank of New York Mellon Corp now owns 61,529 shares of the mining company’s stock worth $4,947,000 after buying an additional 11,879 shares during the period. Cetera Advisor Networks LLC raised its position in Rio Tinto Group by 33.8% in the 1st quarter. Cetera Advisor Networks LLC now owns 6,549 shares of the mining company’s stock valued at $527,000 after purchasing an additional 1,654 shares during the last quarter. BlackRock Inc. raised its position in Rio Tinto Group by 19.4% in the 1st quarter. BlackRock Inc. now owns 1,539,846 shares of the mining company’s stock valued at $123,803,000 after purchasing an additional 250,480 shares during the last quarter. Vontobel Holding Ltd. bought a new position in Rio Tinto Group in the 1st quarter valued at $499,000. Finally, Cetera Investment Advisers raised its position in Rio Tinto Group by 141.7% in the 1st quarter. Cetera Investment Advisers now owns 13,466 shares of the mining company’s stock valued at $1,083,000 after purchasing an additional 7,894 shares during the last quarter. Institutional investors own 19.33% of the company’s stock.
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.
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