Norges Bank Invests $432,000 in Rio Tinto Group (NYSE:RIO)

Norges Bank purchased a new position in Rio Tinto Group (NYSE:RIO - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,353 shares of the mining company's stock, valued at approximately $432,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Rakuten Securities Inc. lifted its holdings in shares of Rio Tinto Group by 74.8% in the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock worth $29,000 after purchasing an additional 211 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake 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 valued at $29,000 after purchasing an additional 195 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in Rio Tinto Group during the 4th quarter worth approximately $47,000. HHM Wealth Advisors LLC purchased a new stake in shares of Rio Tinto Group in the fourth quarter worth approximately $50,000. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Rio Tinto Group in the fourth quarter valued at approximately $59,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Rio Tinto Group Stock Performance

Shares of Rio Tinto Group stock traded up $1.14 on Thursday, reaching $58.30. 772,103 shares of the company traded hands, compared to its average volume of 2,868,556. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. The firm has a market capitalization of $73.11 billion, a PE ratio of 9.02, a PEG ratio of 0.42 and a beta of 0.66. The company has a 50 day moving average of $60.70 and a 200 day moving average of $62.09. Rio Tinto Group has a 52 week low of $51.67 and a 52 week high of $74.24.

Rio Tinto Group Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be given 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 is Friday, March 7th. Rio Tinto Group's dividend payout ratio (DPR) is currently 69.15%.

Analyst Upgrades and Downgrades

RIO has been the subject of several recent research reports. Morgan Stanley downgraded Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a report on Wednesday, April 9th. Jefferies Financial Group dropped their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. StockNews.com downgraded shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, April 12th. Barclays reiterated an "overweight" rating on shares of Rio Tinto Group in a research note on Wednesday. Finally, JPMorgan Chase & Co. began coverage on Rio Tinto Group in a research note on Tuesday, March 18th. They issued an "overweight" rating on the stock. Four investment 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 stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $73.00.

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.