abrdn plc Buys 17,400 Shares of Rio Tinto Group (NYSE:RIO)

abrdn plc lifted its stake in Rio Tinto Group (NYSE:RIO) by 8.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 215,100 shares of the mining company’s stock after buying an additional 17,400 shares during the period. abrdn plc’s holdings in Rio Tinto Group were worth $16,016,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. AdvisorNet Financial Inc lifted its stake in shares of 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 buying an additional 330 shares during the period. SouthState Corp bought a new position in Rio Tinto Group during the third quarter worth about $32,000. Financial Management Professionals Inc. lifted its stake in Rio Tinto Group by 250.6% during the fourth 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. Bruce G. Allen Investments LLC bought a new position in Rio Tinto Group during the fourth quarter worth about $47,000. Finally, NBC Securities Inc. bought a new position in Rio Tinto Group during the third quarter worth about $59,000. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Stock Performance

NYSE RIO opened at $68.15 on Thursday. The company has a 50 day moving average of $64.88 and a 200-day moving average of $67.22. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23. 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 business also recently declared a semi-annual dividend, which was paid on Thursday, April 18th. Investors of record on Friday, March 8th were issued a $2.58 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a dividend yield of 6.6%. This is a positive change from Rio Tinto Group’s previous semi-annual dividend of $1.77.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RIO. The Goldman Sachs Group began coverage on shares of Rio Tinto Group in a research note on Friday, January 12th. They set a “buy” rating for the company. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 18th. Finally, Liberum Capital restated a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $72.00.

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.