Summit Global Investments Sells 43,935 Shares of Rio Tinto Group (NYSE:RIO)

Summit Global Investments cut its stake in shares of Rio Tinto Group (NYSE:RIO) by 56.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 33,655 shares of the mining company’s stock after selling 43,935 shares during the quarter. Summit Global Investments’ holdings in Rio Tinto Group were worth $1,979,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rakuten Securities Inc. lifted its holdings in shares of Rio Tinto Group by 74.8% during the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock valued at $29,000 after acquiring an additional 211 shares during the period. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in shares of Rio Tinto Group by 63.9% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock valued at $29,000 after acquiring an additional 195 shares during the period. Golden State Wealth Management LLC bought a new position in shares of Rio Tinto Group during the fourth quarter valued at $47,000. HHM Wealth Advisors LLC bought a new position in shares of Rio Tinto Group in the fourth quarter valued at about $50,000. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Rio Tinto Group in the fourth quarter valued at about $59,000. 19.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Jefferies Financial Group cut their price target on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a report on Monday, January 6th. JPMorgan Chase & Co. assumed coverage on Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating for the company. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 22nd. Finally, Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Price Performance

Rio Tinto Group stock opened at $62.02 on Friday. The firm has a market capitalization of $77.71 billion, a P/E ratio of 9.61, a PEG ratio of 0.42 and a beta of 0.60. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24. The business has a 50-day moving average of $61.90 and a 200-day moving average of $62.86. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Rio Tinto Group Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, March 7th will be given a dividend of $2.23 per share. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a dividend yield of 7%. The ex-dividend date of this dividend is Friday, March 7th. Rio Tinto Group’s payout ratio is presently 69.15%.

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.