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

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

Other large investors also recently modified their holdings of the company. Schechter Investment Advisors LLC grew its stake in shares of Rio Tinto Group by 10.9% in the 3rd quarter. Schechter Investment Advisors LLC now owns 8,732 shares of the mining company’s stock valued at $556,000 after purchasing an additional 858 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Rio Tinto Group in the 4th quarter worth approximately $7,954,000. Sei Investments Co. boosted its holdings in shares of Rio Tinto Group by 18.3% in the 3rd quarter. Sei Investments Co. now owns 721,662 shares of the mining company’s stock worth $45,926,000 after acquiring an additional 111,623 shares in the last quarter. Morgan Stanley lifted its holdings in Rio Tinto Group by 2.7% during the 3rd quarter. Morgan Stanley now owns 4,464,344 shares of the mining company’s stock worth $284,111,000 after buying an additional 118,706 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its holdings in Rio Tinto Group by 88.2% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 8,221 shares of the mining company’s stock worth $612,000 after buying an additional 3,852 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RIO has been the topic of several research reports. The Goldman Sachs Group initiated coverage on Rio Tinto Group in a report on Friday, January 12th. They set a “buy” rating on the stock. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Monday. Finally, Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rio Tinto Group has an average rating of “Moderate Buy” and a consensus target price of $72.00.

Rio Tinto Group Stock Up 1.1 %

Shares of RIO traded up $0.71 during trading hours on Thursday, reaching $68.21. The stock had a trading volume of 1,942,935 shares, compared to its average volume of 2,958,895. The firm has a 50-day moving average of $64.94 and a 200 day moving average of $67.42. 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 has a 52 week low of $58.27 and a 52 week high of $75.09.

Rio Tinto Group Increases Dividend

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

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.