National Bank of Canada FI Reduces Stake in Rio Tinto Group (NYSE:RIO)

National Bank of Canada FI lessened its stake in shares of Rio Tinto Group (NYSE:RIO) by 17.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 258,130 shares of the mining company’s stock after selling 56,115 shares during the period. National Bank of Canada FI’s holdings in Rio Tinto Group were worth $19,152,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. AdvisorNet Financial Inc lifted its holdings in Rio Tinto Group by 785.7% in the fourth quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company’s stock valued at $28,000 after acquiring an additional 330 shares during the last quarter. SouthState Corp purchased a new stake in Rio Tinto Group in the third quarter valued at $32,000. Parkside Financial Bank & Trust lifted its stake in shares of Rio Tinto Group by 39.3% in the 4th quarter. Parkside Financial Bank & Trust now owns 553 shares of the mining company’s stock valued at $41,000 after purchasing an additional 156 shares during the last quarter. Financial Management Professionals Inc. grew its holdings in shares of Rio Tinto Group by 250.6% during the 4th quarter. Financial Management Professionals Inc. now owns 617 shares of the mining company’s stock worth $46,000 after purchasing an additional 441 shares during the period. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Rio Tinto Group during the 4th quarter worth about $47,000. Institutional investors and hedge funds own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RIO shares. Liberum Capital reaffirmed a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. 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. Finally, The Goldman Sachs Group started coverage on Rio Tinto Group in a research report on Friday, January 12th. They issued a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Rio Tinto Group Trading Up 0.3 %

Shares of RIO opened at $70.02 on Wednesday. The company’s 50-day simple moving average is $65.26 and its 200-day simple moving average is $67.64. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17. Rio Tinto Group has a 1 year low of $58.27 and a 1 year high of $75.09.

Rio Tinto Group Increases Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, April 18th. Shareholders of record on Friday, March 8th were issued a dividend of $2.58 per share. The ex-dividend date was Thursday, March 7th. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77. This represents a yield of 6.6%.

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.