Bank of America Corp DE Sells 212,518 Shares of Rio Tinto Group (NYSE:RIO)

Bank of America Corp DE cut its holdings in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 9.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,081,710 shares of the mining company's stock after selling 212,518 shares during the quarter. Bank of America Corp DE owned approximately 0.17% of Rio Tinto Group worth $122,425,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of RIO. Barclays PLC boosted its position in Rio Tinto Group by 225.6% during the third quarter. Barclays PLC now owns 335,637 shares of the mining company's stock valued at $23,888,000 after purchasing an additional 232,539 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Rio Tinto Group by 12.2% in the fourth quarter. GAMMA Investing LLC now owns 1,861 shares of the mining company's stock valued at $109,000 after buying an additional 203 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Rio Tinto Group by 5.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 63,232 shares of the mining company's stock worth $3,719,000 after buying an additional 3,299 shares during the last quarter. Hilltop National Bank raised its position in Rio Tinto Group by 295.3% during the fourth quarter. Hilltop National Bank now owns 1,166 shares of the mining company's stock worth $69,000 after acquiring an additional 871 shares in the last quarter. Finally, Wedmont Private Capital lifted its stake in Rio Tinto Group by 16.9% in the fourth quarter. Wedmont Private Capital now owns 3,451 shares of the mining company's stock valued at $203,000 after acquiring an additional 499 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RIO. Clarkson Capital raised shares of Rio Tinto Group to a "strong-buy" rating in a report on Friday, February 28th. Morgan Stanley cut Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, April 9th. Barclays restated an "overweight" rating on shares of Rio Tinto Group in a research note on Wednesday, April 16th. StockNews.com downgraded shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Finally, JPMorgan Chase & Co. began coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They set an "overweight" rating for the company. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Group Trading Up 1.3 %

RIO stock opened at $59.97 on Friday. Rio Tinto Group has a 52 week low of $51.67 and a 52 week high of $74.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. The company's 50-day simple moving average is $59.77 and its 200 day simple moving average is $61.13. The company has a market capitalization of $75.20 billion, a PE ratio of 9.30, a price-to-earnings-growth ratio of 0.42 and a beta of 0.73.

Rio Tinto Group Increases Dividend

The firm also recently declared a semi-annual dividend, which was paid on Thursday, April 17th. Stockholders of record on Friday, March 7th were given a $2.23 dividend. This represents a dividend yield of 7%. This is an increase from Rio Tinto Group's previous semi-annual dividend of $1.77. The ex-dividend date was Friday, March 7th. Rio Tinto Group's payout ratio is presently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.