LPL Financial LLC Cuts Stock Holdings in Rio Tinto Group (NYSE:RIO)

LPL Financial LLC trimmed its stake in Rio Tinto Group (NYSE:RIO) by 12.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 321,608 shares of the mining company’s stock after selling 46,478 shares during the period. LPL Financial LLC’s holdings in Rio Tinto Group were worth $18,914,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. increased 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. Rakuten Securities Inc. increased its stake in Rio Tinto Group by 74.8% in the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock valued at $29,000 after acquiring an additional 211 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Rio Tinto Group during the fourth quarter valued at about $47,000. HHM Wealth Advisors LLC bought a new stake in Rio Tinto Group during the fourth quarter worth about $50,000. Finally, FSC Wealth Advisors LLC boosted its holdings in shares of Rio Tinto Group by 150.0% in the 4th quarter. FSC Wealth Advisors LLC now owns 1,000 shares of the mining company’s stock worth $59,000 after purchasing an additional 600 shares in 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 the company. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. JPMorgan Chase & Co. initiated coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating for the company. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. DZ Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Finally, Jefferies Financial Group reduced 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. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $73.00.

Rio Tinto Group Price Performance

RIO stock opened at $60.11 on Tuesday. The stock has a market capitalization of $75.37 billion, a price-to-earnings ratio of 9.32, a PEG ratio of 0.42 and a beta of 0.60. The firm’s 50-day moving average price is $62.09 and its two-hundred day moving average price is $62.94. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 12-month low of $57.85 and a 12-month 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 dividend of $2.23 per share. This represents a yield of 7%. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s payout ratio is currently 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.