Ovata Capital Management Ltd Buys 7,900 Shares of Rio Tinto Group (NYSE:RIO)

Ovata Capital Management Ltd boosted its stake in shares of Rio Tinto Group (NYSE:RIO) by 7.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 110,021 shares of the mining company’s stock after purchasing an additional 7,900 shares during the period. Rio Tinto Group comprises 2.5% of Ovata Capital Management Ltd’s portfolio, making the stock its 12th largest holding. Ovata Capital Management Ltd’s holdings in Rio Tinto Group were worth $6,495,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RIO. Thurston Springer Miller Herd & Titak Inc. boosted its position in Rio Tinto Group by 63.9% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after purchasing an additional 195 shares during the last quarter. Rakuten Securities Inc. boosted its holdings in shares of Rio Tinto Group by 74.8% in the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock worth $29,000 after buying an additional 211 shares during the last quarter. Mechanics Financial Corp bought a new stake in Rio Tinto Group during the fourth quarter valued at approximately $29,000. Golden State Wealth Management LLC bought a new stake in Rio Tinto Group during the fourth quarter valued at approximately $47,000. Finally, HHM Wealth Advisors LLC purchased a new stake in Rio Tinto Group during the fourth quarter valued at approximately $50,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Stock Down 6.5 %

NYSE RIO opened at $54.66 on Friday. Rio Tinto Group has a 12 month low of $53.96 and a 12 month high of $74.24. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The stock has a market cap of $68.54 billion, a PE ratio of 8.47, a P/E/G ratio of 0.42 and a beta of 0.60. The stock’s 50 day moving average is $61.82 and its 200 day moving average is $62.82.

Rio Tinto Group Increases Dividend

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RIO. JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a research report on Tuesday, March 18th. They set an “overweight” rating for the company. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Friday. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. DZ Bank raised shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. Finally, Jefferies Financial Group lowered their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $73.00.

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.