Cullen Capital Management LLC Reduces Stock Position in Rio Tinto Group (NYSE:RIO)

Cullen Capital Management LLC trimmed its holdings in Rio Tinto Group (NYSE:RIO) by 6.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 841,278 shares of the mining company’s stock after selling 55,065 shares during the period. Cullen Capital Management LLC owned approximately 0.07% of Rio Tinto Group worth $49,476,000 as of its most recent filing with the Securities and Exchange Commission.

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

Rio Tinto Group Trading Down 6.5 %

Shares of RIO stock opened at $54.66 on Friday. The business has a 50-day moving average price of $61.82 and a two-hundred day moving average price of $62.82. Rio Tinto Group has a 12-month low of $53.96 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 market cap of $68.54 billion, a P/E ratio of 8.47, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60.

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 an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date is Friday, March 7th. This represents a yield of 7%. Rio Tinto Group’s payout ratio is presently 69.15%.

Analysts Set New Price Targets

A number of research firms recently weighed in on RIO. Jefferies Financial Group decreased 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 report on Monday, January 6th. DZ Bank raised shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. began coverage on Rio Tinto Group in a research report on Tuesday, March 18th. They set an “overweight” rating for the company. Three analysts have rated the stock with a hold rating, four have issued a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target 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.