TCG Advisory Services LLC Lowers Stock Position in Rio Tinto Group (NYSE:RIO)

TCG Advisory Services LLC lowered its position in shares of Rio Tinto Group (NYSE:RIO) by 45.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,649 shares of the mining company’s stock after selling 3,909 shares during the quarter. TCG Advisory Services LLC’s holdings in Rio Tinto Group were worth $346,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. AdvisorNet Financial Inc raised its holdings in shares of Rio Tinto Group by 785.7% during the 4th quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company’s stock worth $28,000 after acquiring an additional 330 shares in the last quarter. SouthState Corp purchased a new stake in Rio Tinto Group during the third quarter valued at approximately $32,000. Parkside Financial Bank & Trust raised its holdings in Rio Tinto Group by 39.3% during the 4th 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 during the period. Financial Management Professionals Inc. boosted its stake in Rio Tinto Group by 250.6% during the fourth quarter. Financial Management Professionals Inc. now owns 617 shares of the mining company’s stock worth $46,000 after buying an additional 441 shares during the period. Finally, Bruce G. Allen Investments LLC bought a new position in Rio Tinto Group during the fourth quarter valued at $47,000. 19.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RIO. StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 29th. The Goldman Sachs Group began coverage on Rio Tinto Group in a research note on Friday, January 12th. They issued a “buy” rating on the stock. Finally, Liberum Capital restated a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $72.00.

Rio Tinto Group Stock Up 1.2 %

Shares of NYSE RIO traded up $0.81 during mid-day trading on Monday, reaching $69.75. 482,323 shares of the company were exchanged, compared to its average volume of 2,937,397. The firm has a 50-day moving average of $65.05 and a 200 day moving average of $67.52. Rio Tinto Group has a 1 year low of $58.27 and a 1 year 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.

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 given a $2.58 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a dividend yield of 6.6%. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77.

Rio Tinto Group 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.