New York State Common Retirement Fund Has $25.37 Million Stock Position in Rio Tinto Group (NYSE:RIO)

New York State Common Retirement Fund increased its holdings in Rio Tinto Group (NYSE:RIO - Free Report) by 50.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 340,716 shares of the mining company's stock after purchasing an additional 113,778 shares during the period. New York State Common Retirement Fund's holdings in Rio Tinto Group were worth $25,370,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in RIO. Wellington Management Group LLP raised its position in Rio Tinto Group by 41.0% in the third quarter. Wellington Management Group LLP now owns 23,193,773 shares of the mining company's stock worth $1,476,052,000 after purchasing an additional 6,748,799 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in Rio Tinto Group in the third quarter worth about $42,346,000. Qube Research & Technologies Ltd raised its position in Rio Tinto Group by 160.2% in the third quarter. Qube Research & Technologies Ltd now owns 581,714 shares of the mining company's stock worth $37,020,000 after purchasing an additional 358,121 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Rio Tinto Group by 33.5% in the third quarter. Envestnet Asset Management Inc. now owns 965,384 shares of the mining company's stock worth $61,437,000 after purchasing an additional 242,313 shares in the last quarter. Finally, abrdn plc bought a new stake in Rio Tinto Group during the third quarter worth about $12,582,000. Institutional investors and hedge funds own 19.33% of the company's stock.

Rio Tinto Group Price Performance

Shares of RIO traded up $0.46 during mid-day trading on Friday, hitting $68.24. 3,019,687 shares of the company traded hands, compared to its average volume of 3,306,954. Rio Tinto Group has a one year low of $58.27 and a one year high of $75.09. 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 business has a 50-day moving average of $64.86 and a 200 day moving average of $67.30.

Rio Tinto Group Increases Dividend

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

Analysts Set New Price Targets

Several brokerages have weighed in on RIO. Liberum Capital reaffirmed a "hold" rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. The Goldman Sachs Group began coverage on shares of Rio Tinto Group in a research note on Friday, January 12th. They set a "buy" rating on the stock. Finally, StockNews.com raised shares of Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a research note on Thursday, April 18th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $72.00.

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.