Lake Street Advisors Group LLC Cuts Stake in Rio Tinto Group (NYSE:RIO)

Lake Street Advisors Group LLC reduced its stake in Rio Tinto Group (NYSE:RIO) by 6.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 4,583 shares of the mining company’s stock after selling 292 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Rio Tinto Group were worth $270,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RIO. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Rio Tinto Group by 63.9% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after buying an additional 195 shares during the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Rio Tinto Group in the 4th quarter worth about $47,000. HHM Wealth Advisors LLC purchased a new position in shares of Rio Tinto Group in the 4th quarter worth about $50,000. Hara Capital LLC purchased a new position in shares of Rio Tinto Group in the 3rd quarter worth about $53,000. Finally, Nisa Investment Advisors LLC boosted its holdings in shares of 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 buying an additional 270 shares during the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on RIO shares. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Jefferies Financial Group lowered their price objective on 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 assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Trading Down 0.3 %

Shares of Rio Tinto Group stock opened at $60.51 on Friday. Rio Tinto Group has a 52-week low of $57.85 and a 52-week high of $74.24. The stock’s 50-day simple moving average is $60.77 and its 200 day simple moving average is $62.89. The stock has a market capitalization of $75.82 billion, a P/E ratio of 9.38, a P/E/G ratio of 0.42 and a beta of 0.65. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63.

Rio Tinto Group Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be given a dividend of $2.23 per share. The ex-dividend date of this dividend 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 dividend payout ratio is currently 69.15%.

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.