Van ECK Associates Corp Purchases 470,073 Shares of Rio Tinto Group (NYSE:RIO)

Van ECK Associates Corp increased its holdings in shares of Rio Tinto Group (NYSE:RIO) by 191.3% in the fourth quarter, HoldingsChannel reports. The firm owned 715,829 shares of the mining company’s stock after buying an additional 470,073 shares during the period. Van ECK Associates Corp’s holdings in Rio Tinto Group were worth $53,301,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Wellington Management Group LLP lifted its position in shares of 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 buying an additional 6,748,799 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in Rio Tinto Group in the 3rd quarter valued at $42,346,000. Qube Research & Technologies Ltd lifted its holdings in Rio Tinto Group by 160.2% during the 3rd quarter. Qube Research & Technologies Ltd now owns 581,714 shares of the mining company’s stock valued at $37,020,000 after purchasing an additional 358,121 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in Rio Tinto Group by 33.5% during the third quarter. Envestnet Asset Management Inc. now owns 965,384 shares of the mining company’s stock worth $61,437,000 after purchasing an additional 242,313 shares during the period. Finally, abrdn plc acquired a new position in shares of Rio Tinto Group in the third quarter valued at $12,582,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on RIO shares. The Goldman Sachs Group assumed coverage on shares of Rio Tinto Group in a report on Friday, January 12th. They set a “buy” rating for the company. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Monday. Finally, Liberum Capital reiterated a “hold” rating on shares of Rio Tinto Group in a research note 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Rio Tinto Group Stock Performance

Shares of NYSE:RIO traded down $0.46 on Tuesday, reaching $68.55. 1,188,322 shares of the company’s stock were exchanged, compared to its average volume of 2,954,808. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.17 and a current ratio of 1.69. Rio Tinto Group has a twelve month low of $58.27 and a twelve month high of $75.09. The company has a fifty day moving average of $64.86 and a 200-day moving average of $67.38.

Rio Tinto Group Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Thursday, April 18th. Shareholders of record on Friday, March 8th were paid a dividend of $2.58 per share. This represents a yield of 6.6%. The ex-dividend date of this dividend was Thursday, March 7th. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77.

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.