NewEdge Wealth LLC Has $1.43 Million Stock Holdings in Rio Tinto Group (NYSE:RIO)

NewEdge Wealth LLC reduced its holdings in shares of Rio Tinto Group (NYSE:RIO) by 24.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,298 shares of the mining company’s stock after selling 7,733 shares during the quarter. NewEdge Wealth LLC’s holdings in Rio Tinto Group were worth $1,429,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of RIO. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of 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 acquiring an additional 195 shares during the last quarter. Golden State Wealth Management LLC bought a new position in Rio Tinto Group in the 4th quarter valued at approximately $47,000. HHM Wealth Advisors LLC acquired a new stake in Rio Tinto Group in the fourth quarter valued at approximately $50,000. Hara Capital LLC bought a new stake in shares of Rio Tinto Group during the third quarter worth $53,000. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Rio Tinto Group by 49.1% during the third quarter. Nisa Investment Advisors LLC now owns 820 shares of the mining company’s stock worth $58,000 after buying an additional 270 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

RIO has been the topic of several recent research reports. Jefferies Financial Group cut their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com lowered Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 22nd. Four equities research 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 stock. Based on data from MarketBeat, Rio Tinto Group presently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Group Stock Performance

NYSE RIO opened at $60.51 on Friday. The company has a market capitalization of $75.82 billion, a price-to-earnings ratio of 9.38, a PEG ratio of 0.42 and a beta of 0.65. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a twelve month low of $57.85 and a twelve month high of $74.24. The stock has a fifty day simple moving average of $60.77 and a 200 day simple moving average of $62.88.

Rio Tinto Group Increases Dividend

The business also recently disclosed 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. This represents a dividend yield of 7%. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date is Friday, March 7th. Rio Tinto Group’s dividend payout ratio (DPR) is 69.15%.

Rio Tinto Group 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.