Marks Group Wealth Management Inc Reduces Stake in Rio Tinto Group (NYSE:RIO)

Marks Group Wealth Management Inc reduced its holdings in Rio Tinto Group (NYSE:RIO) by 3.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,495 shares of the mining company’s stock after selling 325 shares during the quarter. Marks Group Wealth Management Inc’s holdings in Rio Tinto Group were worth $633,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP boosted its holdings in Rio Tinto Group by 41.0% in the third quarter. Wellington Management Group LLP now owns 23,193,773 shares of the mining company’s stock valued at $1,476,052,000 after acquiring an additional 6,748,799 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in shares of Rio Tinto Group during the 3rd quarter valued at about $42,346,000. Qube Research & Technologies Ltd increased its position in shares of Rio Tinto Group by 160.2% during the third quarter. Qube Research & Technologies Ltd now owns 581,714 shares of the mining company’s stock valued at $37,020,000 after buying an additional 358,121 shares during the period. Envestnet Asset Management Inc. raised its stake in Rio Tinto Group by 33.5% in the third quarter. Envestnet Asset Management Inc. now owns 965,384 shares of the mining company’s stock worth $61,437,000 after buying an additional 242,313 shares in the last quarter. Finally, abrdn plc purchased a new stake in Rio Tinto Group in the third quarter worth about $12,582,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RIO shares. The Goldman Sachs Group assumed coverage on Rio Tinto Group in a research report on Friday, January 12th. They issued a “buy” rating for the company. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 18th. Finally, Liberum Capital reaffirmed a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday, March 5th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Rio Tinto Group has an average rating of “Moderate Buy” and a consensus target price of $72.00.

Rio Tinto Group Price Performance

Shares of RIO traded down $0.54 during trading hours on Tuesday, hitting $66.66. The company had a trading volume of 1,518,528 shares, compared to its average volume of 2,964,628. The firm has a fifty day moving average price of $64.86 and a 200-day moving average price of $67.18. Rio Tinto Group has a 52-week low of $58.27 and a 52-week high of $75.09. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17.

Rio Tinto Group Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Thursday, April 18th. Stockholders of record on Friday, March 8th were paid a $2.58 dividend. This represents a dividend yield of 6.6%. The ex-dividend date was Thursday, March 7th. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77.

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.