Rio Tinto Group (NYSE:RIO) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its position in shares of Rio Tinto Group (NYSE:RIO) by 6.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 84,154 shares of the mining company’s stock after buying an additional 5,281 shares during the period. Bank of New York Mellon Corp’s holdings in Rio Tinto Group were worth $4,949,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Huntington National Bank boosted its position in shares of Rio Tinto Group by 11.3% in the third quarter. Huntington National Bank now owns 2,345 shares of the mining company’s stock worth $167,000 after buying an additional 239 shares during the period. Empowered Funds LLC grew its position in Rio Tinto Group by 13.7% in the third quarter. Empowered Funds LLC now owns 3,567 shares of the mining company’s stock valued at $254,000 after acquiring an additional 431 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Rio Tinto Group by 11.1% during the third quarter. Thrivent Financial for Lutherans now owns 30,275 shares of the mining company’s stock valued at $2,155,000 after purchasing an additional 3,017 shares during the period. Baron Wealth Management LLC acquired a new position in shares of Rio Tinto Group during the third quarter worth $202,000. Finally, Northwest Bancshares Inc. purchased a new position in shares of Rio Tinto Group in the third quarter valued at $1,440,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Group Trading Up 0.6 %

NYSE:RIO opened at $63.44 on Tuesday. The stock has a fifty day simple moving average of $61.53 and a 200 day simple moving average of $62.84. 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 firm has a market capitalization of $79.49 billion, a price-to-earnings ratio of 9.84, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24.

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 paid a $2.23 dividend. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date of this dividend is Friday, March 7th. This represents a dividend yield of 7%. Rio Tinto Group’s payout ratio is presently 69.15%.

Analysts Set New Price Targets

RIO has been the subject of a number of analyst reports. StockNews.com cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Jefferies Financial Group reduced their price target 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, Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.