Massachusetts Financial Services Co. MA Raises Holdings in Rio Tinto Group (NYSE:RIO)

Massachusetts Financial Services Co. MA increased its position in Rio Tinto Group (NYSE:RIO) by 26.8% in the 4th quarter, Holdings Channel reports. The firm owned 167,490 shares of the mining company’s stock after buying an additional 35,349 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Rio Tinto Group were worth $9,850,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in RIO. Rakuten Securities Inc. lifted its stake in Rio Tinto Group by 74.8% in the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock valued at $29,000 after buying an additional 211 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Rio Tinto Group by 63.9% in the 4th 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. Mechanics Financial Corp acquired a new position in shares of Rio Tinto Group in the 4th quarter valued at $29,000. Golden State Wealth Management LLC purchased a new stake in Rio Tinto Group in the 4th quarter valued at $47,000. Finally, HHM Wealth Advisors LLC acquired a new stake in Rio Tinto Group during the 4th quarter worth $50,000. 19.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Jefferies Financial Group dropped their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Friday. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. JPMorgan Chase & Co. started coverage on Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Finally, DZ Bank raised Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $73.00.

Rio Tinto Group Stock Performance

NYSE RIO opened at $54.54 on Tuesday. The stock has a market capitalization of $68.39 billion, a price-to-earnings ratio of 8.46, a PEG ratio of 0.42 and a beta of 0.66. The business’s 50 day moving average is $61.68 and its two-hundred day moving average is $62.74. Rio Tinto Group has a 12-month low of $53.45 and a 12-month high of $74.24. 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 firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be given a $2.23 dividend. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date of this dividend is Friday, March 7th. This represents a yield of 7%. Rio Tinto Group’s dividend payout ratio is presently 69.15%.

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.