Marks Group Wealth Management Inc Sells 325 Shares of Rio Tinto Group (NYSE:RIO)

Marks Group Wealth Management Inc lessened its position in Rio Tinto Group (NYSE:RIO) by 3.7% in the 4th quarter, Holdings Channel.com reports. The fund owned 8,495 shares of the mining company’s stock after selling 325 shares during the period. Marks Group Wealth Management Inc’s holdings in Rio Tinto Group were worth $633,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RIO. New York State Common Retirement Fund grew its position in Rio Tinto Group by 50.1% in the 4th quarter. New York State Common Retirement Fund now owns 340,716 shares of the mining company’s stock valued at $25,370,000 after acquiring an additional 113,778 shares during the last quarter. RWA Wealth Partners LLC purchased a new position in Rio Tinto Group in the 4th quarter worth about $3,331,000. Signaturefd LLC increased its stake in Rio Tinto Group by 6.5% in the 4th quarter. Signaturefd LLC now owns 23,940 shares of the mining company’s stock worth $1,783,000 after buying an additional 1,466 shares during the period. Lindbrook Capital LLC lifted its holdings in Rio Tinto Group by 16.9% during the 4th quarter. Lindbrook Capital LLC now owns 2,664 shares of the mining company’s stock valued at $198,000 after buying an additional 385 shares in the last quarter. Finally, abrdn plc boosted its position in Rio Tinto Group by 8.8% in the 4th quarter. abrdn plc now owns 215,100 shares of the mining company’s stock valued at $16,016,000 after buying an additional 17,400 shares during the period. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Group Stock Performance

Shares of NYSE:RIO traded down $0.54 on Tuesday, reaching $66.66. The company had a trading volume of 1,518,528 shares, compared to its average volume of 2,964,628. The company has a current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 52-week low of $58.27 and a 52-week high of $75.09. The firm’s 50 day simple moving average is $64.86 and its 200-day simple moving average is $67.18.

Rio Tinto Group Increases Dividend

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

Analyst Upgrades and Downgrades

RIO has been the subject of several research analyst reports. The Goldman Sachs Group initiated coverage on shares of Rio Tinto Group in a research note on Friday, January 12th. They set a “buy” rating for the company. Liberum Capital reiterated a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. Finally, StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 18th. Two analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.