Commonwealth Equity Services LLC Reduces Stock Holdings in Rio Tinto Group (NYSE:RIO)

Commonwealth Equity Services LLC trimmed its holdings in shares of Rio Tinto Group (NYSE:RIO) by 8.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 193,950 shares of the mining company’s stock after selling 18,249 shares during the period. Commonwealth Equity Services LLC’s holdings in Rio Tinto Group were worth $11,406,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. grew its stake in Rio Tinto Group by 63.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock valued at $29,000 after purchasing an additional 195 shares during the last quarter. Rakuten Securities Inc. grew its stake in Rio Tinto Group by 74.8% during the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock valued at $29,000 after purchasing an additional 211 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Rio Tinto Group during the 4th quarter valued at about $47,000. HHM Wealth Advisors LLC purchased a new stake in Rio Tinto Group during the 4th quarter valued at about $50,000. Finally, FSC Wealth Advisors LLC grew its stake in Rio Tinto Group by 150.0% during the 4th quarter. FSC Wealth Advisors LLC now owns 1,000 shares of the mining company’s stock valued at $59,000 after purchasing an additional 600 shares during the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RIO has been the topic of several research analyst reports. Jefferies Financial Group dropped their price target 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. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 22nd. JPMorgan Chase & Co. started coverage on Rio Tinto Group in a research note on Tuesday. They set an “overweight” rating on the stock. Finally, Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Rio Tinto Group currently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Stock Performance

Shares of RIO stock opened at $64.12 on Wednesday. The stock has a market cap of $80.35 billion, a PE ratio of 9.94, 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 $61.65 and a 200-day simple moving average of $62.85. 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 52-week low of $57.85 and a 52-week high of $74.24.

Rio Tinto Group Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Investors 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. The ex-dividend date is Friday, March 7th. This represents a yield of 7%. Rio Tinto Group’s dividend 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.