Tidal Investments LLC Reduces Position in Rio Tinto Group (NYSE:RIO)

Tidal Investments LLC cut its holdings in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 13.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 105,561 shares of the mining company's stock after selling 17,062 shares during the period. Tidal Investments LLC's holdings in Rio Tinto Group were worth $6,208,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Rakuten Securities Inc. boosted its position in shares of Rio Tinto Group by 74.8% during the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock valued at $29,000 after buying an additional 211 shares during the last quarter. Mechanics Financial Corp bought a new position in Rio Tinto Group in the fourth quarter valued at about $29,000. Golden State Wealth Management LLC bought a new position in Rio Tinto Group in the fourth quarter valued at about $47,000. HHM Wealth Advisors LLC bought a new position in Rio Tinto Group in the fourth quarter valued at about $50,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Rio Tinto Group in the fourth quarter valued at about $59,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Barclays reissued an "overweight" rating on shares of Rio Tinto Group in a report on Wednesday, April 16th. Morgan Stanley downgraded Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a report on Wednesday, April 9th. DZ Bank raised Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a report on Thursday, March 27th. StockNews.com downgraded Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. Finally, Clarkson Capital raised Rio Tinto Group to a "strong-buy" rating in a research note on Friday, February 28th. Four 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $73.00.

Rio Tinto Group Stock Down 0.4%

NYSE RIO opened at $62.38 on Tuesday. The stock's 50-day moving average price is $59.74 and its 200-day moving average price is $60.96. 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 52 week low of $51.67 and a 52 week high of $74.24. The company has a market capitalization of $78.22 billion, a P/E ratio of 9.67, a price-to-earnings-growth ratio of 0.42 and a beta of 0.73.

Rio Tinto Group Increases Dividend

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

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.