Summit Global Investments Has $1.98 Million Position in Rio Tinto Group (NYSE:RIO)

Summit Global Investments lowered its position in Rio Tinto Group (NYSE:RIO) by 56.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 33,655 shares of the mining company’s stock after selling 43,935 shares during the period. Summit Global Investments’ holdings in Rio Tinto Group were worth $1,979,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RIO. Empowered Funds LLC increased its holdings 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 worth $254,000 after buying an additional 431 shares during the last quarter. Thrivent Financial for Lutherans grew its holdings in 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 last quarter. Massachusetts Financial Services Co. MA grew its holdings in Rio Tinto Group by 2.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 132,141 shares of the mining company’s stock valued at $9,404,000 after purchasing an additional 3,524 shares during the last quarter. Banco Santander S.A. grew its holdings in Rio Tinto Group by 6.6% during the third quarter. Banco Santander S.A. now owns 27,835 shares of the mining company’s stock valued at $1,981,000 after purchasing an additional 1,716 shares during the last quarter. Finally, Eagle Asset Management Inc. grew its holdings in Rio Tinto Group by 11.1% during the third quarter. Eagle Asset Management Inc. now owns 9,040 shares of the mining company’s stock valued at $643,000 after purchasing an additional 903 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on RIO shares. Jefferies Financial Group lowered their price target on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. began coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They issued an “overweight” rating on the stock. Three analysts have rated the stock with a hold rating, five have given 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 price target of $73.00.

Rio Tinto Group Stock Down 1.4 %

Shares of RIO stock opened at $62.02 on Friday. The stock has a market cap of $77.71 billion, a P/E ratio of 9.61, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a one year low of $57.85 and a one year high of $74.24. The stock has a fifty day moving average price of $61.90 and a 200 day moving average price of $62.86. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16.

Rio Tinto Group Increases Dividend

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

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.