Summit Global Investments Buys New Position in Rio Tinto Group (NYSE:RIO)

Summit Global Investments bought a new position in Rio Tinto Group (NYSE:RIO - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 73,051 shares of the mining company's stock, valued at approximately $5,439,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. AdvisorNet Financial Inc boosted its position in Rio Tinto Group by 785.7% in the fourth quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company's stock valued at $28,000 after buying an additional 330 shares during the last quarter. SouthState Corp acquired a new stake in shares of Rio Tinto Group in the third quarter valued at approximately $32,000. Parkside Financial Bank & Trust raised its stake in Rio Tinto Group by 39.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 553 shares of the mining company's stock worth $41,000 after purchasing an additional 156 shares during the period. Financial Management Professionals Inc. lifted its stake in shares of Rio Tinto Group by 250.6% in the 4th quarter. Financial Management Professionals Inc. now owns 617 shares of the mining company's stock valued at $46,000 after purchasing an additional 441 shares during the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new position in Rio Tinto Group in the fourth quarter valued at about $47,000. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Group Stock Up 1.2 %

NYSE RIO traded up $0.79 during trading hours on Thursday, reaching $68.29. The company's stock had a trading volume of 2,263,045 shares, compared to its average volume of 2,964,607. The company's 50-day moving average is $64.99 and its two-hundred day moving average is $67.43. Rio Tinto Group has a fifty-two week low of $58.27 and a fifty-two week 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.

Rio Tinto Group Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Thursday, April 18th. Investors of record on Friday, March 8th were given a $2.58 dividend. This is a positive change 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.

Analyst Ratings Changes

A number of research analysts have commented on the company. Liberum Capital restated a "hold" rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. StockNews.com raised Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a report on Monday. Finally, The Goldman Sachs Group began coverage on shares of Rio Tinto Group in a research report on Friday, January 12th. They issued a "buy" rating on the stock. 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.00.

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.