Summit Global Investments Invests $5.44 Million in Rio Tinto Group (NYSE:RIO)

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

A number of other large investors have also recently bought and sold shares of the stock. Meritage Portfolio Management lifted its holdings in shares of 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 acquiring an additional 147 shares during the period. Dana Investment Advisors Inc. lifted its stake in shares of Rio Tinto Group by 0.5% in the third quarter. Dana Investment Advisors Inc. now owns 29,483 shares of the mining company’s stock worth $1,876,000 after acquiring an additional 150 shares in the last quarter. 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 valued at $41,000 after buying an additional 156 shares in the last quarter. Pinnacle Wealth Planning Services Inc. grew its position in shares of Rio Tinto Group by 1.8% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 9,674 shares of the mining company’s stock valued at $616,000 after buying an additional 172 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Rio Tinto Group by 2.4% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,428 shares of the mining company’s stock worth $473,000 after acquiring an additional 172 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

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

Rio Tinto Group Trading Up 1.1 %

Rio Tinto Group stock traded up $0.71 during trading hours on Thursday, hitting $68.21. The stock had a trading volume of 1,942,935 shares, compared to its average volume of 2,958,895. 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 current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average of $64.94 and a two-hundred day moving average of $67.42.

Rio Tinto Group Increases Dividend

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

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.