OVERSEA CHINESE BANKING Corp Ltd Takes $382,000 Position in Rio Tinto Group (NYSE:RIO)

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Rio Tinto Group (NYSE:RIO) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 6,470 shares of the mining company’s stock, valued at approximately $382,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Jeppson Wealth Management LLC boosted its holdings in shares of Rio Tinto Group by 47.5% during the 4th quarter. Jeppson Wealth Management LLC now owns 20,093 shares of the mining company’s stock worth $1,182,000 after buying an additional 6,473 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Rio Tinto Group by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock worth $1,247,475,000 after buying an additional 485,731 shares during the period. Barclays PLC boosted its holdings in shares of Rio Tinto Group by 225.6% during the 3rd quarter. Barclays PLC now owns 335,637 shares of the mining company’s stock worth $23,888,000 after buying an additional 232,539 shares during the period. Marshall Financial Group LLC bought a new stake in shares of Rio Tinto Group during the 4th quarter worth about $810,000. Finally, Palliser Capital UK Ltd boosted its holdings in shares of Rio Tinto Group by 213.8% during the 4th quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock worth $58,188,000 after buying an additional 674,117 shares during the period. Institutional investors own 19.33% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on RIO. JPMorgan Chase & Co. began coverage on shares of Rio Tinto Group in a report on Tuesday. They set an “overweight” rating for the company. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Finally, Jefferies Financial Group cut their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Group Stock Performance

NYSE RIO opened at $62.89 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $78.80 billion, a P/E ratio of 9.75, a P/E/G ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a 12-month low of $57.85 and a 12-month high of $74.24. The firm has a 50-day moving average price of $61.84 and a two-hundred day moving average price of $62.85.

Rio Tinto Group Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be given a $2.23 dividend. The ex-dividend date is Friday, March 7th. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a dividend yield of 7%. Rio Tinto Group’s payout ratio is presently 69.15%.

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.