Columbia Asset Management Sells 2,340 Shares of Rio Tinto Group (NYSE:RIO)

Columbia Asset Management lowered its stake in shares of Rio Tinto Group (NYSE:RIO) by 22.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,064 shares of the mining company’s stock after selling 2,340 shares during the quarter. Columbia Asset Management’s holdings in Rio Tinto Group were worth $474,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RIO. Rakuten Securities Inc. grew its stake in shares of Rio Tinto Group by 74.8% during the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock valued at $29,000 after purchasing an additional 211 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Rio Tinto Group by 63.9% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock valued at $29,000 after buying an additional 195 shares during the period. Mechanics Financial Corp bought a new stake in shares of Rio Tinto Group during the fourth quarter worth $29,000. Golden State Wealth Management LLC bought a new position in Rio Tinto Group in the fourth quarter valued at about $47,000. Finally, HHM Wealth Advisors LLC acquired a new stake in Rio Tinto Group in the fourth quarter worth about $50,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

Shares of RIO stock opened at $60.29 on Wednesday. The firm has a market capitalization of $75.61 billion, a price-to-earnings ratio of 9.35, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a 12-month low of $57.85 and a 12-month high of $74.24. 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 fifty day moving average of $62.06 and a 200-day moving average of $62.93.

Rio Tinto Group Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be issued a $2.23 dividend. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a dividend yield of 7%. The ex-dividend date of this dividend is Friday, March 7th. Rio Tinto Group’s dividend payout ratio is 69.15%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Jefferies Financial Group cut their target price on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. DZ Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. StockNews.com lowered Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Finally, JPMorgan Chase & Co. initiated coverage on Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating for the company. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $73.00.

About Rio Tinto Group

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.