Sprott Inc. Grows Stock Holdings in Rio Tinto Group (NYSE:RIO)

Sprott Inc. lifted its holdings in Rio Tinto Group (NYSE:RIO) by 77.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,922 shares of the mining company’s stock after acquiring an additional 3,901 shares during the quarter. Sprott Inc.’s holdings in Rio Tinto Group were worth $525,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in RIO. Allspring Global Investments Holdings LLC lifted its holdings in shares of Rio Tinto Group by 258.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 45,723 shares of the mining company’s stock valued at $3,254,000 after buying an additional 32,965 shares during the period. International Assets Investment Management LLC purchased a new position in Rio Tinto Group during the third quarter valued at approximately $9,577,000. Wealth Enhancement Advisory Services LLC lifted its holdings in Rio Tinto Group by 27.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 59,933 shares of the mining company’s stock valued at $4,265,000 after acquiring an additional 12,861 shares during the period. Nisa Investment Advisors LLC boosted its position in Rio Tinto Group by 49.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 820 shares of the mining company’s stock worth $58,000 after purchasing an additional 270 shares in the last quarter. Finally, Eagle Strategies LLC grew its stake in shares of Rio Tinto Group by 3.4% during the 3rd quarter. Eagle Strategies LLC now owns 6,259 shares of the mining company’s stock worth $445,000 after purchasing an additional 205 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

RIO has been the subject of several analyst reports. StockNews.com cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Jefferies Financial Group lowered their target price on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rio Tinto Group has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Trading Down 1.0 %

Shares of NYSE:RIO opened at $62.09 on Wednesday. The business’s 50 day moving average price is $60.65 and its 200-day moving average price is $62.93. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24. The firm has a market capitalization of $77.80 billion, a price-to-earnings ratio of 9.63, a price-to-earnings-growth ratio of 0.42 and a beta of 0.65. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16.

Rio Tinto Group Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be issued a dividend of $2.23 per share. This represents a yield of 7%. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date of this dividend is Friday, March 7th. Rio Tinto Group’s dividend payout ratio (DPR) is presently 54.73%.

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.