Grove Bank & Trust Lowers Position in Rio Tinto Group (NYSE:RIO)

Grove Bank & Trust cut its stake in Rio Tinto Group (NYSE:RIO) by 27.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,080 shares of the mining company’s stock after selling 405 shares during the quarter. Grove Bank & Trust’s holdings in Rio Tinto Group were worth $80,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cowa LLC purchased a new stake in shares of Rio Tinto Group during the first quarter valued at approximately $26,000. Householder Group Estate & Retirement Specialist LLC purchased a new stake in shares of Rio Tinto Group during the third quarter valued at approximately $27,000. AdvisorNet Financial Inc increased its position in shares of Rio Tinto Group by 785.7% during the fourth 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. First Manhattan Co. increased its position in shares of Rio Tinto Group by 555.4% during the fourth quarter. First Manhattan Co. now owns 426 shares of the mining company’s stock valued at $30,000 after acquiring an additional 361 shares during the last quarter. Finally, SouthState Corp purchased a new stake in shares of Rio Tinto Group during the third quarter valued at approximately $32,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Group Stock Up 1.2 %

Shares of RIO opened at $66.78 on Tuesday. 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 firm has a fifty day simple moving average of $65.01 and a two-hundred day simple moving average of $67.01. Rio Tinto Group has a 1-year low of $58.27 and a 1-year high of $75.09.

Rio Tinto Group Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 18th. Stockholders of record on Friday, March 8th will be paid a $2.58 dividend. This represents a dividend yield of 6.6%. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date of this dividend is Thursday, March 7th.

Wall Street Analysts Forecast Growth

RIO has been the subject of a number of recent research reports. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, April 10th. Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday, March 5th. Finally, The Goldman Sachs Group initiated coverage on Rio Tinto Group in a research report on Friday, January 12th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

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.