33,611 Shares in Rio Tinto Group (NYSE:RIO) Purchased by Capital Research Global Investors

Capital Research Global Investors purchased a new position in shares of Rio Tinto Group (NYSE:RIO - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 33,611 shares of the mining company's stock, valued at approximately $1,969,000.

Other institutional investors also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. boosted its position in 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 acquiring an additional 195 shares during the period. Rakuten Securities Inc. boosted 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 period. Mechanics Financial Corp bought a new stake in shares of Rio Tinto Group in the 4th quarter worth $29,000. Golden State Wealth Management LLC acquired a new stake in shares of Rio Tinto Group in the fourth quarter valued at $47,000. Finally, HHM Wealth Advisors LLC bought a new position in Rio Tinto Group during the fourth quarter valued at about $50,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RIO. Jefferies Financial Group cut 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. JPMorgan Chase & Co. assumed coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They set an "overweight" rating for the company. Clarkson Capital upgraded shares of Rio Tinto Group to a "strong-buy" rating in a research report on Friday, February 28th. DZ Bank upgraded Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, March 27th. Finally, Barclays restated an "overweight" rating on shares of Rio Tinto Group in a report on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $73.00.

Rio Tinto Group Trading Down 1.8 %

Shares of NYSE RIO traded down $1.11 during mid-day trading on Friday, hitting $60.58. 2,694,997 shares of the company traded hands, compared to its average volume of 2,864,427. The business has a 50 day moving average of $60.24 and a two-hundred day moving average of $61.52. The stock has a market capitalization of $75.97 billion, a price-to-earnings ratio of 9.39, a PEG ratio of 0.42 and a beta of 0.66. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 1 year low of $51.67 and a 1 year high of $74.24.

Rio Tinto Group Increases Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Thursday, April 17th. Investors of record on Friday, March 7th were paid a $2.23 dividend. 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 of this dividend was Friday, March 7th. Rio Tinto Group's dividend payout ratio is currently 69.15%.

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.