Cullen Capital Management LLC Cuts Stock Holdings in Rio Tinto Group (NYSE:RIO)

Cullen Capital Management LLC lowered its stake in Rio Tinto Group (NYSE:RIO) by 6.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 841,278 shares of the mining company’s stock after selling 55,065 shares during the period. Cullen Capital Management LLC’s holdings in Rio Tinto Group were worth $49,476,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Jeppson Wealth Management LLC increased its stake in Rio Tinto Group by 47.5% in the 4th quarter. Jeppson Wealth Management LLC now owns 20,093 shares of the mining company’s stock worth $1,182,000 after purchasing an additional 6,473 shares during the period. Barclays PLC increased its stake in shares of Rio Tinto Group by 225.6% in the third quarter. Barclays PLC now owns 335,637 shares of the mining company’s stock worth $23,888,000 after buying an additional 232,539 shares during the period. Marshall Financial Group LLC purchased a new position in shares of Rio Tinto Group in the fourth quarter worth $810,000. Palliser Capital UK Ltd raised its holdings in Rio Tinto Group by 213.8% during the 4th quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after buying an additional 674,117 shares during the last quarter. Finally, Tidal Investments LLC boosted its position in Rio Tinto Group by 16.2% during the 3rd quarter. Tidal Investments LLC now owns 122,623 shares of the mining company’s stock valued at $8,727,000 after buying an additional 17,052 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday. DZ Bank upgraded Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. Jefferies Financial Group reduced their target price on 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. Clarkson Capital upgraded Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a research report on Tuesday, March 18th. They set an “overweight” rating on the stock. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Rio Tinto Group currently has an average rating of “Buy” and an average price target of $73.00.

Rio Tinto Group Stock Down 6.5 %

Shares of NYSE:RIO opened at $54.66 on Friday. The firm has a market capitalization of $68.54 billion, a P/E ratio of 8.47, a P/E/G ratio of 0.42 and a beta of 0.60. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. The stock has a 50 day moving average price of $61.82 and a 200-day moving average price of $62.82. Rio Tinto Group has a 52-week low of $53.96 and a 52-week high of $74.24.

Rio Tinto Group Increases Dividend

The company also recently disclosed a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be issued a $2.23 dividend. This is an increase 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 69.15%.

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.