Massachusetts Financial Services Co. MA Increases Position in Rio Tinto Group (NYSE:RIO)

Massachusetts Financial Services Co. MA grew its position in shares of Rio Tinto Group (NYSE:RIO) by 26.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,490 shares of the mining company’s stock after purchasing an additional 35,349 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Rio Tinto Group were worth $9,850,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in 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 period. Rakuten Securities Inc. lifted its position 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 worth $29,000 after purchasing an additional 211 shares in the last quarter. Mechanics Financial Corp purchased 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 position in shares of Rio Tinto Group in the fourth quarter valued at approximately $47,000. Finally, HHM Wealth Advisors LLC purchased a new stake in Rio Tinto Group during the 4th quarter worth approximately $50,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RIO shares. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Friday. Jefferies Financial Group lowered 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. JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Finally, DZ Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, March 27th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Rio Tinto Group has a consensus rating of “Buy” and an average target price of $73.00.

Rio Tinto Group Trading Down 0.2 %

RIO opened at $54.54 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. Rio Tinto Group has a one year low of $53.45 and a one year high of $74.24. The company has a market cap of $68.39 billion, a P/E ratio of 8.46, a PEG ratio of 0.42 and a beta of 0.66. The business’s 50-day simple moving average is $61.68 and its 200-day simple moving average is $62.74.

Rio Tinto Group Increases Dividend

The business 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 $2.23 dividend. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a yield of 7%. The ex-dividend date is Friday, March 7th. Rio Tinto Group’s dividend payout ratio is currently 69.15%.

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.