Rio Tinto Group (NYSE:RIO) Shares Gap Up to $63.00

Rio Tinto Group (NYSE:RIO - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $63.00, but opened at $65.15. Rio Tinto Group shares last traded at $65.32, with a volume of 737,955 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. StockNews.com upgraded shares of Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, March 27th. Liberum Capital reiterated a "hold" rating on shares of Rio Tinto Group in a research report on Tuesday, March 5th. Finally, The Goldman Sachs Group assumed coverage on shares of Rio Tinto Group in a research report on Friday, January 12th. They issued a "buy" rating on the stock. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $72.00.

Rio Tinto Group Trading Up 4.9 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17. The firm's 50-day simple moving average is $65.36 and its 200 day simple moving average is $66.87.

Rio Tinto Group Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, April 18th. Investors of record on Friday, March 8th will be paid a $2.58 dividend. The ex-dividend date is Thursday, March 7th. This represents a yield of 6.6%. This is a boost from Rio Tinto Group's previous semi-annual dividend of $1.77.

Hedge Funds Weigh In On Rio Tinto Group

A number of institutional investors have recently bought and sold shares of the stock. Meritage Portfolio Management increased its stake in Rio Tinto Group by 0.3% in the 4th quarter. Meritage Portfolio Management now owns 42,192 shares of the mining company's stock worth $3,142,000 after purchasing an additional 147 shares in the last quarter. Dana Investment Advisors Inc. increased its stake in Rio Tinto Group by 0.5% in the 3rd quarter. Dana Investment Advisors Inc. now owns 29,483 shares of the mining company's stock worth $1,876,000 after purchasing an additional 150 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Rio Tinto Group by 8.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,922 shares of the mining company's stock worth $143,000 after purchasing an additional 150 shares in the last quarter. Ambassador Advisors LLC increased its stake in Rio Tinto Group by 3.6% in the 4th quarter. Ambassador Advisors LLC now owns 4,398 shares of the mining company's stock worth $313,000 after purchasing an additional 153 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in Rio Tinto Group by 39.3% during the 4th quarter. Parkside Financial Bank & Trust now owns 553 shares of the mining company's stock valued at $41,000 after acquiring an additional 156 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company's stock.

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.