Mechanics Financial Corp Invests $29,000 in Rio Tinto Group (NYSE:RIO)

Mechanics Financial Corp purchased a new stake in Rio Tinto Group (NYSE:RIO) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 500 shares of the mining company’s stock, valued at approximately $29,000.

Other large investors also recently bought and sold shares of the company. Fisher Asset Management LLC increased its position in shares of Rio Tinto Group by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 17,604,463 shares of the mining company’s stock valued at $1,035,319,000 after buying an additional 76,368 shares in the last quarter. FMR LLC grew its stake in Rio Tinto Group by 35.1% in the 3rd quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock valued at $98,340,000 after acquiring an additional 358,630 shares during the period. Todd Asset Management LLC raised its position in Rio Tinto Group by 1.0% during the fourth quarter. Todd Asset Management LLC now owns 1,068,182 shares of the mining company’s stock worth $62,820,000 after acquiring an additional 10,062 shares during the period. Palliser Capital UK Ltd lifted its holdings in Rio Tinto Group by 213.8% during the fourth quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after purchasing an additional 674,117 shares in the last quarter. Finally, Natixis Advisors LLC grew its position in shares of Rio Tinto Group by 11.2% in the fourth quarter. Natixis Advisors LLC now owns 763,952 shares of the mining company’s stock valued at $44,928,000 after purchasing an additional 77,130 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

RIO stock opened at $60.99 on Friday. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. The firm has a market capitalization of $76.48 billion, a PE ratio of 9.46, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The business has a 50 day simple moving average of $62.11 and a 200-day simple moving average of $62.92.

Rio Tinto Group Increases Dividend

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on RIO shares. Jefferies Financial Group reduced their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research report on Monday, January 6th. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. initiated coverage on Rio Tinto Group in a research report on Tuesday, March 18th. They set an “overweight” rating for the company. Three analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.00.

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.