Paloma Partners Management Co Invests $40.03 Million in Rio Tinto Group (NYSE:RIO)

Paloma Partners Management Co purchased a new position in Rio Tinto Group (NYSE:RIO - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 680,700 shares of the mining company's stock, valued at approximately $40,032,000. Rio Tinto Group comprises about 1.8% of Paloma Partners Management Co's holdings, making the stock its 15th largest holding. Paloma Partners Management Co owned approximately 0.05% of Rio Tinto Group as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in RIO. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of 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 worth $29,000 after buying an additional 195 shares during the period. Rakuten Securities Inc. lifted its position in Rio Tinto Group by 74.8% during the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock worth $29,000 after acquiring an additional 211 shares during the last quarter. Mechanics Financial Corp bought a new stake in Rio Tinto Group during the fourth quarter valued at about $29,000. Golden State Wealth Management LLC acquired a new stake in shares of Rio Tinto Group in the fourth quarter valued at about $47,000. Finally, HHM Wealth Advisors LLC bought a new position in shares of Rio Tinto Group in the fourth quarter worth about $50,000. Institutional investors own 19.33% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RIO. Morgan Stanley downgraded shares of Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, April 9th. JPMorgan Chase & Co. started coverage on Rio Tinto Group in a research report on Tuesday, March 18th. They set an "overweight" rating on the stock. StockNews.com cut Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Monday. Clarkson Capital raised Rio Tinto Group to a "strong-buy" rating in a report on Friday, February 28th. Finally, Jefferies Financial Group cut their target price on Rio Tinto Group from $83.00 to $73.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Rio Tinto Group presently has an average rating of "Moderate Buy" and an average price target of $73.00.

Rio Tinto Group Price Performance

NYSE:RIO traded down $0.87 during trading hours on Thursday, reaching $58.54. The company had a trading volume of 2,163,103 shares, compared to its average volume of 2,858,936. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The stock has a 50-day moving average of $59.97 and a two-hundred day moving average of $61.39. Rio Tinto Group has a one year low of $51.67 and a one year high of $74.24. The firm has a market capitalization of $73.40 billion, a PE ratio of 9.08, a PEG ratio of 0.42 and a beta of 0.66.

Rio Tinto Group Increases Dividend

The company also recently declared a semi-annual dividend, which was paid on Thursday, April 17th. Investors of record on Friday, March 7th were issued a dividend of $2.23 per share. This is an increase from Rio Tinto Group's previous semi-annual dividend of $1.77. This represents a yield of 7%. The ex-dividend date was Friday, March 7th. Rio Tinto Group's dividend payout ratio (DPR) is currently 69.15%.

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.