Rio Tinto Group (NYSE:RIO) Shares Bought by Avidian Wealth Solutions LLC

Avidian Wealth Solutions LLC lifted its stake in shares of Rio Tinto Group (NYSE:RIO) by 10.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,923 shares of the mining company’s stock after purchasing an additional 544 shares during the period. Avidian Wealth Solutions LLC’s holdings in Rio Tinto Group were worth $441,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. AdvisorNet Financial Inc boosted its stake in shares of Rio Tinto Group by 785.7% in the fourth quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company’s stock worth $28,000 after acquiring an additional 330 shares during the last quarter. SouthState Corp purchased a new stake in Rio Tinto Group during the 3rd quarter valued at about $32,000. Parkside Financial Bank & Trust raised its holdings in 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 Rio Tinto Group by 250.6% in the 4th quarter. Financial Management Professionals Inc. now owns 617 shares of the mining company’s stock worth $46,000 after purchasing an additional 441 shares in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new position in shares of Rio Tinto Group during the 4th quarter worth approximately $47,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on RIO. Liberum Capital reiterated a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday, March 5th. The Goldman Sachs Group assumed coverage on shares of Rio Tinto Group in a report on Friday, January 12th. They issued a “buy” rating for the company. Finally, StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, April 29th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $72.00.

Rio Tinto Group Stock Performance

Shares of RIO stock traded up $0.98 during trading on Monday, hitting $69.92. 1,103,501 shares of the stock traded hands, compared to its average volume of 2,944,797. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23. The firm’s fifty day moving average price is $65.05 and its 200-day moving average price is $67.52. Rio Tinto Group has a 52-week low of $58.27 and a 52-week high of $75.09.

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 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 a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77.

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.