Novem Group Makes New $718,000 Investment in Rio Tinto Group (NYSE:RIO)

Novem Group bought a new position in Rio Tinto Group (NYSE:RIO - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 12,201 shares of the mining company's stock, valued at approximately $718,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Waverly Advisors LLC raised its position in Rio Tinto Group by 3.7% during the 4th quarter. Waverly Advisors LLC now owns 27,440 shares of the mining company's stock valued at $1,614,000 after purchasing an additional 987 shares during the last quarter. Snowden Capital Advisors LLC raised its position in Rio Tinto Group by 12.3% during the 4th quarter. Snowden Capital Advisors LLC now owns 14,597 shares of the mining company's stock valued at $858,000 after purchasing an additional 1,600 shares during the last quarter. Quantinno Capital Management LP raised its position in Rio Tinto Group by 53.4% during the 4th quarter. Quantinno Capital Management LP now owns 97,459 shares of the mining company's stock valued at $5,732,000 after purchasing an additional 33,918 shares during the last quarter. Nomura Holdings Inc. raised its position in Rio Tinto Group by 85.7% during the 4th quarter. Nomura Holdings Inc. now owns 9,302 shares of the mining company's stock valued at $547,000 after purchasing an additional 4,292 shares during the last quarter. Finally, Graham Capital Management L.P. purchased a new stake in Rio Tinto Group in the fourth quarter worth $1,197,000. Institutional investors own 19.33% of the company's stock.

Rio Tinto Group Stock Up 0.7%

Rio Tinto Group stock traded up $0.45 on Friday, hitting $61.57. 4,511,070 shares of the stock traded hands, compared to its average volume of 2,853,735. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The firm has a market cap of $77.20 billion, a P/E ratio of 9.54, a price-to-earnings-growth ratio of 0.42 and a beta of 0.73. The business's fifty day simple moving average is $59.64 and its 200 day simple moving average is $60.89. Rio Tinto Group has a 1 year low of $51.67 and a 1 year high of $72.08.

Rio Tinto Group Increases Dividend

The business 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 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 was Friday, March 7th. Rio Tinto Group's payout ratio is currently 69.15%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RIO. Barclays reaffirmed an "overweight" rating on shares of Rio Tinto Group in a research note on Wednesday, April 16th. Wall Street Zen lowered shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. Morgan Stanley lowered shares of Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a report on Wednesday, April 9th. 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. Finally, Clarkson Capital upgraded shares of Rio Tinto Group to a "strong-buy" rating in a report on Friday, February 28th. Three analysts have rated the stock with a hold rating, six have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $73.00.

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.