Cresset Asset Management LLC Sells 32,451 Shares of Rio Tinto Group (NYSE:RIO)

Cresset Asset Management LLC lessened its position in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 73.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,957 shares of the mining company's stock after selling 32,451 shares during the period. Cresset Asset Management LLC's holdings in Rio Tinto Group were worth $703,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Barclays PLC grew its holdings in Rio Tinto Group by 225.6% in the third quarter. Barclays PLC now owns 335,637 shares of the mining company's stock worth $23,888,000 after purchasing an additional 232,539 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Rio Tinto Group by 5.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 63,232 shares of the mining company's stock worth $3,719,000 after purchasing an additional 3,299 shares during the period. Wedmont Private Capital grew its holdings 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 worth $203,000 after purchasing an additional 499 shares during the period. Miracle Mile Advisors LLC acquired a new stake in Rio Tinto Group in the fourth quarter worth $473,000. Finally, FNY Investment Advisers LLC grew its holdings in Rio Tinto Group by 117.6% in the fourth quarter. FNY Investment Advisers LLC now owns 1,850 shares of the mining company's stock worth $108,000 after purchasing an additional 1,000 shares during the period. Institutional investors own 19.33% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an "overweight" rating for the company. Clarkson Capital upgraded shares of Rio Tinto Group to a "strong-buy" rating in a report on Friday, February 28th. DZ Bank upgraded shares of Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, March 27th. Morgan Stanley cut shares of Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a report on Wednesday, April 9th. Finally, Barclays restated an "overweight" rating on shares of Rio Tinto Group in a report on Wednesday, April 16th. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Rio Tinto Group has an average rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Group Stock Up 1.4%

Shares of NYSE RIO opened at $62.29 on Wednesday. The stock has a market capitalization of $78.11 billion, a P/E ratio of 9.66, a P/E/G ratio of 0.42 and a beta of 0.73. The company has a 50-day moving average price of $59.68 and a 200-day moving average price of $61.08. Rio Tinto Group has a 1 year low of $51.67 and a 1 year high of $74.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16.

Rio Tinto Group Increases Dividend

The firm also recently disclosed a semi-annual dividend, which was paid on Thursday, April 17th. Stockholders of record on Friday, March 7th were issued a dividend of $2.23 per share. This is a boost from Rio Tinto Group's previous semi-annual dividend of $1.77. This represents a dividend yield of 7%. The ex-dividend date of this dividend was 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.

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