Novem Group Makes New Investment in Rio Tinto Group (NYSE:RIO)

by · The Cerbat Gem

Novem Group bought a new position in Rio Tinto Group (NYSE:RIO – Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 12,201 shares of the mining company’s stock, valued at approximately $718,000.

A number of other large investors have also modified their holdings of the stock. Fisher Asset Management LLC grew its position in Rio Tinto Group by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 17,604,463 shares of the mining company’s stock valued at $1,035,319,000 after acquiring an additional 76,368 shares in the last quarter. Franklin Resources Inc. grew its holdings in Rio Tinto Group by 1.4% during the 4th quarter. Franklin Resources Inc. now owns 5,115,476 shares of the mining company’s stock valued at $300,841,000 after purchasing an additional 70,131 shares in the last quarter. FMR LLC increased its stake in Rio Tinto Group by 24.6% during the 4th quarter. FMR LLC now owns 1,721,690 shares of the mining company’s stock worth $101,253,000 after buying an additional 339,924 shares during the period. Northern Trust Corp lifted its holdings in Rio Tinto Group by 18.9% in the 4th quarter. Northern Trust Corp now owns 1,603,037 shares of the mining company’s stock worth $94,275,000 after buying an additional 255,151 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in Rio Tinto Group by 143,872.8% in the 4th quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company’s stock valued at $74,341,000 after buying an additional 1,263,203 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

Shares of RIO opened at $62.00 on Thursday. Rio Tinto Group has a 52 week low of $51.67 and a 52 week high of $73.07. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The firm has a market cap of $77.75 billion, a price-to-earnings ratio of 9.61, a PEG ratio of 0.42 and a beta of 0.73. The stock has a 50 day moving average of $59.74 and a 200-day moving average of $60.97.

Rio Tinto Group Increases Dividend

The company also recently disclosed a semi-annual dividend, which was paid on Thursday, April 17th. Investors of record on Friday, March 7th were paid a dividend of $2.23 per share. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a yield of 7%. Rio Tinto Group’s dividend payout ratio (DPR) is 69.15%.

Analysts Set New Price Targets

Several research analysts recently commented on RIO shares. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 28th. DZ Bank raised Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Morgan Stanley cut Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, April 9th. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Finally, Barclays reiterated an “overweight” rating on shares of Rio Tinto Group in a research note on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $73.00.

Get Our Latest Stock Analysis on RIO

Rio Tinto Group Company Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding RIO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rio Tinto Group (NYSE:RIO – Free Report).