Norges Bank Purchases Shares of 7,353 Rio Tinto Group (NYSE:RIO)

Norges Bank acquired a new position in shares of Rio Tinto Group (NYSE:RIO) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 7,353 shares of the mining company’s stock, valued at approximately $432,000.

Other hedge funds have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in 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 valued at $29,000 after purchasing an additional 195 shares in the last quarter. Rakuten Securities Inc. lifted its position in shares of Rio Tinto Group by 74.8% during the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock worth $29,000 after buying an additional 211 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Rio Tinto Group in the 4th quarter valued at $47,000. HHM Wealth Advisors LLC purchased a new position in shares of Rio Tinto Group in the 4th quarter valued at $50,000. Finally, FSC Wealth Advisors LLC raised 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 worth $59,000 after acquiring an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Stock Up 3.6 %

Rio Tinto Group stock opened at $56.83 on Friday. The stock has a 50 day moving average of $60.99 and a two-hundred day moving average of $62.31. Rio Tinto Group has a twelve month low of $51.67 and a twelve month high of $74.24. The stock has a market capitalization of $71.26 billion, a price-to-earnings ratio of 8.81, a PEG ratio of 0.42 and a beta of 0.66. 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 Increases Dividend

The business 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. 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. This represents a dividend yield of 7%. Rio Tinto Group’s dividend payout ratio (DPR) is currently 69.15%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on RIO shares. Morgan Stanley downgraded shares of Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. JPMorgan Chase & Co. initiated coverage on Rio Tinto Group in a research report on Tuesday, March 18th. They set an “overweight” rating on the stock. Jefferies Financial Group decreased their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, StockNews.com cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

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.