Rio Tinto Group (NYSE:RIO) Trading Up 0.1% – Here’s What Happened

Rio Tinto Group (NYSE:RIO)’s stock price was up 0.1% on Tuesday . The stock traded as high as $62.65 and last traded at $62.46. Approximately 400,390 shares changed hands during trading, a decline of 86% from the average daily volume of 2,838,734 shares. The stock had previously closed at $62.39.

Wall Street Analysts Forecast Growth

RIO has been the topic of several recent analyst reports. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. StockNews.com lowered shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 28th. DZ Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. JPMorgan Chase & Co. assumed coverage on Rio Tinto Group in a research note on Tuesday, March 18th. They issued an “overweight” rating for the company. Finally, Barclays reissued an “overweight” rating on shares of Rio Tinto Group in a research note on Wednesday, April 16th. Four investment analysts have rated the stock with a hold rating, six have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat.com, Rio Tinto Group currently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Stock Performance

The business’s fifty day simple moving average is $59.74 and its 200-day simple moving average is $60.96. The company has a market capitalization of $78.13 billion, a P/E ratio of 9.64, a P/E/G ratio of 0.42 and a beta of 0.73. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63.

Rio Tinto Group Increases Dividend

The company also recently announced a semi-annual dividend, which was paid on Thursday, April 17th. Stockholders of record on Friday, March 7th were given a dividend of $2.23 per share. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a dividend yield of 7%. The ex-dividend date was Friday, March 7th. Rio Tinto Group’s dividend payout ratio is currently 69.15%.

Institutional Trading of Rio Tinto Group

Large investors have recently made changes to their positions in the business. McIlrath & Eck LLC lifted its stake in shares of Rio Tinto Group by 88.2% during the 1st quarter. McIlrath & Eck LLC now owns 2,492 shares of the mining company’s stock worth $150,000 after acquiring an additional 1,168 shares during the last quarter. Empowered Funds LLC grew its stake in Rio Tinto Group by 5.8% during the 1st quarter. Empowered Funds LLC now owns 5,280 shares of the mining company’s stock valued at $317,000 after purchasing an additional 288 shares during the last quarter. Ascent Group LLC purchased a new stake in shares of Rio Tinto Group in the 1st quarter valued at $240,000. RNC Capital Management LLC grew its position in Rio Tinto Group by 16.0% during the 1st quarter. RNC Capital Management LLC now owns 4,655 shares of the mining company’s stock worth $280,000 after purchasing an additional 643 shares during the period. Finally, Ashton Thomas Private Wealth LLC raised its position in Rio Tinto Group by 25.4% during the first quarter. Ashton Thomas Private Wealth LLC now owns 11,805 shares of the mining company’s stock valued at $730,000 after acquiring an additional 2,392 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

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.