Royal Fund Management LLC Boosts Position in Rio Tinto Group (NYSE:RIO)

Royal Fund Management LLC increased its holdings in Rio Tinto Group (NYSE:RIO) by 141.8% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 28,650 shares of the mining company’s stock after acquiring an additional 16,800 shares during the period. Royal Fund Management LLC’s holdings in Rio Tinto Group were worth $2,133,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RIO. AdvisorNet Financial Inc increased its holdings in shares of Rio Tinto Group by 785.7% in the 4th quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company’s stock valued at $28,000 after acquiring an additional 330 shares during the last quarter. SouthState Corp acquired a new position in Rio Tinto Group during the third quarter worth about $32,000. Parkside Financial Bank & Trust raised its holdings 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 last quarter. Financial Management Professionals Inc. grew its stake in 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 acquiring an additional 441 shares during the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new position in shares of Rio Tinto Group during the 4th quarter worth approximately $47,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on RIO. The Goldman Sachs Group initiated coverage on Rio Tinto Group in a report on Friday, January 12th. They issued a “buy” rating for the company. Liberum Capital restated a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. Finally, StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 29th. Two 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $72.00.

Rio Tinto Group Stock Performance

RIO traded up $0.66 during trading on Friday, reaching $68.94. 3,193,760 shares of the stock traded hands, compared to its average volume of 3,270,538. The stock’s 50-day simple moving average is $65.05 and its two-hundred day simple moving average is $67.46. 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 disclosed a semi-annual dividend, which was paid on Thursday, April 18th. Stockholders of record on Friday, March 8th were paid a $2.58 dividend. This represents a dividend yield of 6.6%. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date of this dividend was Thursday, March 7th.

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.