Kovack Advisors Inc. Purchases 215 Shares of Rio Tinto Group (NYSE:RIO)

Kovack Advisors Inc. boosted its position in Rio Tinto Group (NYSE:RIO) by 2.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,261 shares of the mining company’s stock after acquiring an additional 215 shares during the quarter. Kovack Advisors Inc.’s holdings in Rio Tinto Group were worth $690,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Schechter Investment Advisors LLC increased its holdings in shares of Rio Tinto Group by 10.9% during the third quarter. Schechter Investment Advisors LLC now owns 8,732 shares of the mining company’s stock worth $556,000 after buying an additional 858 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Rio Tinto Group during the fourth quarter worth $7,954,000. Sei Investments Co. increased its holdings in shares of Rio Tinto Group by 18.3% during the third quarter. Sei Investments Co. now owns 721,662 shares of the mining company’s stock worth $45,926,000 after buying an additional 111,623 shares in the last quarter. Morgan Stanley increased its holdings in shares of Rio Tinto Group by 2.7% during the third quarter. Morgan Stanley now owns 4,464,344 shares of the mining company’s stock worth $284,111,000 after buying an additional 118,706 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC increased its holdings in shares of Rio Tinto Group by 88.2% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 8,221 shares of the mining company’s stock worth $612,000 after buying an additional 3,852 shares in the last quarter. 19.33% of the stock is owned by institutional investors.

Rio Tinto Group Stock Performance

Shares of Rio Tinto Group stock opened at $68.24 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17. Rio Tinto Group has a twelve month low of $58.27 and a twelve month high of $75.09. The company’s fifty day moving average is $64.86 and its 200 day moving average is $67.30.

Rio Tinto Group Increases Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RIO shares. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 18th. The Goldman Sachs Group began coverage on shares of Rio Tinto Group in a research note on Friday, January 12th. They issued a “buy” rating on the stock. Finally, Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Two research 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 has a consensus rating of “Moderate Buy” and an average 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.