Van ECK Associates Corp Buys 470,073 Shares of Rio Tinto Group (NYSE:RIO)

Van ECK Associates Corp increased its stake in Rio Tinto Group (NYSE:RIO - Free Report) by 191.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 715,829 shares of the mining company's stock after buying an additional 470,073 shares during the quarter. Van ECK Associates Corp owned about 0.06% of Rio Tinto Group worth $53,301,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wellington Management Group LLP increased its position in shares of Rio Tinto Group by 41.0% during 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 acquiring an additional 6,748,799 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of Rio Tinto Group during the 3rd quarter valued at approximately $42,346,000. Qube Research & Technologies Ltd grew its position in shares of Rio Tinto Group by 160.2% during the third quarter. Qube Research & Technologies Ltd now owns 581,714 shares of the mining company's stock worth $37,020,000 after buying an additional 358,121 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of 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 buying an additional 242,313 shares during the last quarter. Finally, abrdn plc acquired a new stake in Rio Tinto Group in the third quarter valued at $12,582,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RIO has been the subject of several recent analyst reports. Liberum Capital reissued a "hold" rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. The Goldman Sachs Group initiated coverage on Rio Tinto Group in a research report 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 report on Monday. 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $72.00.

Rio Tinto Group Stock Performance

RIO stock traded down $1.18 during trading on Tuesday, reaching $67.83. 3,021,803 shares of the company's stock were exchanged, compared to its average volume of 2,977,740. Rio Tinto Group has a 1-year low of $58.27 and a 1-year high of $75.09. The firm has a market cap of $84.96 billion, a PE ratio of 9.51, a P/E/G ratio of 3.12 and a beta of 0.70. The company's fifty day moving average price is $64.90 and its 200-day moving average price is $67.42. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23.

Rio Tinto Group Increases Dividend

The business also recently declared a semi-annual dividend, which was paid on Thursday, April 18th. Shareholders of record on Friday, March 8th were given a dividend of $2.58 per share. This represents a dividend yield of 6.6%. This is an increase from Rio Tinto Group's previous semi-annual dividend of $1.77. The ex-dividend date of this dividend was Thursday, March 7th. Rio Tinto Group's payout ratio is 72.23%.

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.