Rio Tinto Group (NYSE:RIO) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group (NYSE:RIO) in a research note issued to investors on Tuesday. The brokerage issued an overweight rating on the mining company’s stock.

A number of other research firms also recently weighed in on RIO. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Finally, Jefferies Financial Group reduced their target price on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Group Stock Performance

Rio Tinto Group stock opened at $64.12 on Tuesday. The company’s 50-day moving average price is $61.65 and its 200-day moving average price is $62.85. Rio Tinto Group has a twelve month low of $57.85 and a twelve month high of $74.24. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The company 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.

Rio Tinto Group Increases Dividend

The company 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%. 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 is presently 69.15%.

Hedge Funds Weigh In On Rio Tinto Group

Several hedge funds have recently added to or reduced their stakes in RIO. Empowered Funds LLC grew its holdings in Rio Tinto Group by 13.7% during the 3rd quarter. Empowered Funds LLC now owns 3,567 shares of the mining company’s stock valued at $254,000 after purchasing an additional 431 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in Rio Tinto Group by 11.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 30,275 shares of the mining company’s stock valued at $2,155,000 after buying an additional 3,017 shares during the period. Baron Wealth Management LLC purchased a new stake in Rio Tinto Group in the 3rd quarter valued at about $202,000. Northwest Bancshares Inc. purchased a new stake in Rio Tinto Group in the 3rd quarter valued at about $1,440,000. Finally, Advisors Asset Management Inc. boosted its position in Rio Tinto Group by 11.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 79,333 shares of the mining company’s stock valued at $5,646,000 after buying an additional 8,417 shares during the period. 19.33% of the stock is currently owned by institutional investors.

About Rio Tinto Group

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.