Pacific Heights Asset Management LLC Has $4.41 Million Stock Holdings in Rio Tinto Group (NYSE:RIO)

Pacific Heights Asset Management LLC trimmed its position in Rio Tinto Group (NYSE:RIO) by 53.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 75,000 shares of the mining company’s stock after selling 85,000 shares during the quarter. Pacific Heights Asset Management LLC’s holdings in Rio Tinto Group were worth $4,411,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Rio Tinto Group by 63.9% in the 4th 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 during the last quarter. Golden State Wealth Management LLC acquired a new stake in Rio Tinto Group in the fourth quarter valued at about $47,000. HHM Wealth Advisors LLC bought a new position in Rio Tinto Group in the fourth quarter valued at about $50,000. Hara Capital LLC acquired a new position in Rio Tinto Group during the third quarter worth about $53,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Rio Tinto Group by 49.1% in the third quarter. Nisa Investment Advisors LLC now owns 820 shares of the mining company’s stock worth $58,000 after acquiring an additional 270 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RIO has been the topic of several research reports. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. StockNews.com cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 22nd. Finally, Jefferies Financial Group lowered their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Price Performance

RIO stock opened at $63.93 on Friday. The company has a market capitalization of $80.10 billion, a P/E ratio of 9.91, a PEG ratio of 0.42 and a beta of 0.65. The company has a fifty day moving average price of $61.06 and a 200-day moving average price of $62.89. 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 52-week low of $57.85 and a 52-week high of $74.24.

Rio Tinto Group Increases Dividend

The business 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 dividend of $2.23 per share. 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 (DPR) is currently 69.15%.

Rio Tinto Group 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.