Rio Tinto Group (NYSE:RIO) Shares Acquired by Van ECK Associates Corp

Van ECK Associates Corp boosted its holdings in Rio Tinto Group (NYSE:RIO) by 191.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund 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 0.06% of Rio Tinto Group worth $53,301,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP lifted its holdings 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 valued at $1,476,052,000 after purchasing an additional 6,748,799 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in shares of Rio Tinto Group in the third quarter worth about $42,346,000. Qube Research & Technologies Ltd increased its position in shares of Rio Tinto Group by 160.2% in the third quarter. Qube Research & Technologies Ltd now owns 581,714 shares of the mining company’s stock worth $37,020,000 after acquiring an additional 358,121 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Rio Tinto Group by 33.5% during the third quarter. Envestnet Asset Management Inc. now owns 965,384 shares of the mining company’s stock valued at $61,437,000 after acquiring an additional 242,313 shares during the period. Finally, abrdn plc purchased a new stake in shares of Rio Tinto Group in the 3rd quarter valued at approximately $12,582,000. Institutional investors own 19.33% of the company’s stock.

Analysts Set New Price Targets

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

Rio Tinto Group Price Performance

Shares of NYSE RIO traded down $0.46 during mid-day trading on Tuesday, reaching $68.55. The company had a trading volume of 1,188,322 shares, compared to its average volume of 2,954,808. Rio Tinto Group has a twelve month low of $58.27 and a twelve month 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 stock’s 50 day moving average is $64.86 and its 200-day moving average is $67.38.

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 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 yield of 6.6%. 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.