Rio Tinto Group (NYSE:RIO) Upgraded by StockNews.com to “Strong-Buy”

StockNews.com upgraded shares of Rio Tinto Group (NYSE:RIO) from a buy rating to a strong-buy rating in a research report report published on Wednesday.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group assumed coverage on shares of Rio Tinto Group in a research note on Friday, January 12th. They set a buy rating for the company. BNP Paribas raised Rio Tinto Group from a neutral rating to an outperform rating in a research report on Tuesday, December 5th. Finally, Liberum Capital reissued a hold rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $72.00.

Rio Tinto Group Price Performance

Shares of RIO stock opened at $63.46 on Wednesday. Rio Tinto Group has a fifty-two week low of $58.27 and a fifty-two week high of $75.09. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17. The stock’s 50-day simple moving average is $66.19 and its 200-day simple moving average is $66.91.

Rio Tinto Group Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Thursday, April 18th. Investors of record on Friday, March 8th will be paid a $2.58 dividend. This represents a dividend yield of 6.6%. The ex-dividend date is Thursday, March 7th. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP raised its position in Rio Tinto Group by 7.1% during the fourth quarter. Wellington Management Group LLP now owns 24,838,524 shares of the mining company’s stock worth $1,849,476,000 after acquiring an additional 1,644,751 shares during the period. Fisher Asset Management LLC raised its position in shares of Rio Tinto Group by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 16,045,541 shares of the mining company’s stock valued at $1,194,751,000 after buying an additional 475,329 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Rio Tinto Group by 58.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 12,899,694 shares of the mining company’s stock valued at $1,037,135,000 after purchasing an additional 4,783,488 shares in the last quarter. Capital World Investors grew its holdings in Rio Tinto Group by 4.2% in the 1st quarter. Capital World Investors now owns 8,484,992 shares of the mining company’s stock valued at $682,195,000 after buying an additional 344,145 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Rio Tinto Group by 56.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 5,707,717 shares of the mining company’s stock valued at $424,997,000 after purchasing an additional 2,053,147 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

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.