DKM Wealth Management Inc. Acquires New Shares in Rio Tinto Group (NYSE:RIO)

DKM Wealth Management Inc. bought a new position in shares of Rio Tinto Group (NYSE:RIO) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,404 shares of the mining company’s stock, valued at approximately $200,000.

Other institutional investors also recently bought and sold shares of the company. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Rio Tinto Group by 63.9% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock valued at $29,000 after acquiring an additional 195 shares during the last quarter. Rakuten Securities Inc. grew its holdings in 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. Mechanics Financial Corp bought a new position in shares of Rio Tinto Group in the fourth quarter valued at approximately $29,000. Golden State Wealth Management LLC acquired a new stake in shares of Rio Tinto Group in the fourth quarter worth $47,000. Finally, HHM Wealth Advisors LLC bought a new stake in shares of Rio Tinto Group during the 4th quarter worth $50,000. 19.33% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on RIO. JPMorgan Chase & Co. began coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Jefferies Financial Group cut their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research report on Monday, January 6th. DZ Bank raised Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, February 22nd. Finally, Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $73.00.

Rio Tinto Group Price Performance

Shares of NYSE:RIO opened at $60.29 on Wednesday. The firm has a market capitalization of $75.61 billion, a PE ratio of 9.35, a PEG ratio of 0.42 and a beta of 0.60. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24. The business’s 50 day moving average is $62.06 and its 200-day moving average is $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 paid a dividend of $2.23 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a yield of 7%. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s payout ratio is currently 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.