StockNews.com upgraded shares of Rio Tinto Group (NYSE:RIO – Free Report) from a buy rating to a strong-buy rating in a report released on Monday morning.
A number of other research firms also recently weighed in on RIO. The Goldman Sachs Group assumed coverage on Rio Tinto Group in a research note on Friday, January 12th. They set a buy rating for the company. Liberum Capital reaffirmed a hold rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rio Tinto Group currently has a consensus rating of Moderate Buy and a consensus price target of $72.00.
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Rio Tinto Group Stock Up 1.1 %
Rio Tinto Group Increases Dividend
The business also recently disclosed a semi-annual dividend, which was paid on Thursday, April 18th. Investors of record on Friday, March 8th were paid a $2.58 dividend. This represents a dividend yield of 6.6%. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date of this dividend was Thursday, March 7th.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. AdvisorNet Financial Inc raised 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 in the last quarter. Northwest Investment Counselors LLC bought a new position in shares of Rio Tinto Group in the 1st quarter valued at approximately $26,000. YHB Investment Advisors Inc. bought a new position in shares of Rio Tinto Group in the 1st quarter valued at approximately $29,000. Accordant Advisory Group Inc bought a new position in shares of Rio Tinto Group in the 1st quarter valued at approximately $31,000. Finally, SouthState Corp bought a new position in shares of Rio Tinto Group in the 3rd quarter valued at approximately $32,000. 19.33% of the stock is owned by institutional investors.
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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