Independent Advisor Alliance Sells 2,349 Shares of Rio Tinto Group (NYSE:RIO)

Independent Advisor Alliance reduced its holdings in shares of Rio Tinto Group (NYSE:RIO) by 5.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 39,662 shares of the mining company’s stock after selling 2,349 shares during the quarter. Independent Advisor Alliance’s holdings in Rio Tinto Group were worth $2,332,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Thurston Springer Miller Herd & Titak Inc. boosted its position in Rio Tinto Group by 63.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock worth $29,000 after purchasing an additional 195 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of Rio Tinto Group during the 4th quarter worth about $47,000. HHM Wealth Advisors LLC bought a new stake in shares of Rio Tinto Group during the 4th quarter worth about $50,000. FSC Wealth Advisors LLC grew its stake in Rio Tinto Group by 150.0% in the 4th quarter. FSC Wealth Advisors LLC now owns 1,000 shares of the mining company’s stock valued at $59,000 after buying an additional 600 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new position in Rio Tinto Group in the 4th quarter valued at about $59,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on RIO. Jefferies Financial Group dropped 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. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Finally, 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. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Group Price Performance

Rio Tinto Group stock opened at $61.19 on Friday. The firm has a market cap of $76.67 billion, a PE ratio of 9.49, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. The stock’s fifty day moving average price is $61.34 and its two-hundred day moving average price is $62.85. Rio Tinto Group has a one year low of $57.85 and a one year high of $74.24.

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 paid a $2.23 dividend. This represents a yield of 7%. 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. Rio Tinto Group’s payout ratio is 69.15%.

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.