OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in Rio Tinto Group (NYSE:RIO)

OVERSEA CHINESE BANKING Corp Ltd bought a new position in Rio Tinto Group (NYSE:RIO) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 6,470 shares of the mining company’s stock, valued at approximately $382,000.

Several other hedge funds also recently bought and sold shares of the company. Horizon Investments LLC raised its holdings in Rio Tinto Group by 3.1% in the fourth quarter. Horizon Investments LLC now owns 9,903 shares of the mining company’s stock worth $582,000 after purchasing an additional 295 shares during the period. Advisors Asset Management Inc. raised its holdings in shares of Rio Tinto Group by 2.0% during the fourth quarter. Advisors Asset Management Inc. now owns 80,911 shares of the mining company’s stock worth $4,758,000 after acquiring an additional 1,578 shares during the period. Cadence Wealth Management LLC raised its holdings in shares of Rio Tinto Group by 4.1% during the fourth quarter. Cadence Wealth Management LLC now owns 12,201 shares of the mining company’s stock worth $718,000 after acquiring an additional 481 shares during the period. Horizon Kinetics Asset Management LLC raised its holdings in shares of Rio Tinto Group by 49.8% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 24,366 shares of the mining company’s stock worth $1,433,000 after acquiring an additional 8,100 shares during the period. Finally, Signaturefd LLC raised its holdings in shares of Rio Tinto Group by 13.9% during the fourth quarter. Signaturefd LLC now owns 22,436 shares of the mining company’s stock worth $1,319,000 after acquiring an additional 2,734 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on RIO shares. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a report on Tuesday. They set an “overweight” rating on the stock. Jefferies Financial Group dropped their price objective 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. Finally, StockNews.com lowered shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 22nd. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Group Stock Down 1.5 %

Shares of RIO stock opened at $62.89 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24. The firm’s fifty day moving average price is $61.84 and its two-hundred day moving average price is $62.85. The firm has a market capitalization of $78.80 billion, a P/E ratio of 9.75, a PEG ratio of 0.42 and a beta of 0.60.

Rio Tinto Group Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be given a $2.23 dividend. This represents a dividend yield of 7%. The ex-dividend date is Friday, March 7th. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. Rio Tinto Group’s dividend payout ratio (DPR) is 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.