Rio Tinto Group (NYSE:RIO) Shares Gap Up to $65.99

Rio Tinto Group (NYSE:RIO - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $65.99, but opened at $67.90. Rio Tinto Group shares last traded at $67.80, with a volume of 690,644 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group assumed coverage on Rio Tinto Group in a research note on Friday, January 12th. They issued a "buy" rating on the stock. StockNews.com lowered Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, April 10th. Finally, Liberum Capital reiterated a "hold" rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Rio Tinto Group currently has a consensus rating of "Moderate Buy" and an average target price of $72.00.

Rio Tinto Group Stock Performance

The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23. The firm has a fifty day moving average price of $65.01 and a 200 day moving average price of $67.01.

Rio Tinto Group Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Thursday, April 18th. Stockholders of record on Friday, March 8th will be issued a $2.58 dividend. This is an increase from Rio Tinto Group's previous semi-annual dividend of $1.77. This represents a dividend yield of 6.6%. The ex-dividend date of this dividend is Thursday, March 7th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Meritage Portfolio Management lifted its holdings in Rio Tinto Group by 0.3% during the 4th quarter. Meritage Portfolio Management now owns 42,192 shares of the mining company's stock worth $3,142,000 after buying an additional 147 shares in the last quarter. Dana Investment Advisors Inc. increased its position in shares of 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 valued at $1,876,000 after buying an additional 150 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of 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 valued at $143,000 after buying an additional 150 shares in the last quarter. Ambassador Advisors LLC increased its position in shares of Rio Tinto Group by 3.6% in the 4th quarter. Ambassador Advisors LLC now owns 4,398 shares of the mining company's stock valued at $313,000 after buying an additional 153 shares in the last quarter. Finally, Parkside Financial Bank & Trust increased its holdings 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 worth $41,000 after purchasing an additional 156 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

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.