NewEdge Wealth LLC Raises Stake in Rio Tinto Group (NYSE:RIO)

NewEdge Wealth LLC boosted its position in Rio Tinto Group (NYSE:RIO) by 45.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,294 shares of the mining company’s stock after buying an additional 6,030 shares during the quarter. NewEdge Wealth LLC’s holdings in Rio Tinto Group were worth $1,437,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dana Investment Advisors Inc. raised its holdings in shares of Rio Tinto Group by 0.5% during the third quarter. Dana Investment Advisors Inc. now owns 29,483 shares of the mining company’s stock valued at $1,876,000 after acquiring an additional 150 shares in the last quarter. Ambassador Advisors LLC raised its holdings in shares of Rio Tinto Group by 3.6% during the fourth quarter. Ambassador Advisors LLC now owns 4,398 shares of the mining company’s stock valued at $313,000 after acquiring an additional 153 shares in the last quarter. Pinnacle Wealth Planning Services Inc. raised its holdings in shares of Rio Tinto Group by 1.8% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 9,674 shares of the mining company’s stock valued at $616,000 after acquiring an additional 172 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Rio Tinto Group by 2.4% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,428 shares of the mining company’s stock valued at $473,000 after acquiring an additional 172 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of Rio Tinto Group by 1.3% during the first quarter. Steward Partners Investment Advisory LLC now owns 13,815 shares of the mining company’s stock valued at $948,000 after acquiring an additional 174 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Stock Performance

RIO opened at $65.99 on Monday. The stock has a fifty day simple moving average of $65.02 and a two-hundred day simple moving average of $66.99. 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 12-month low of $58.27 and a 12-month high of $75.09.

Rio Tinto Group Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, April 18th. Stockholders of record on Friday, March 8th will be given a $2.58 dividend. This represents a dividend yield of 6.6%. The ex-dividend date is Thursday, March 7th. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77.

Wall Street Analyst Weigh In

RIO has been the subject of a number of recent analyst reports. Liberum Capital restated a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 10th. Finally, The Goldman Sachs Group started coverage on Rio Tinto Group in a report on Friday, January 12th. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $72.00.

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.