Franklin Resources Inc. Raises Stock Position in Rio Tinto Group (NYSE:RIO)

Franklin Resources Inc. boosted its stake in shares of Rio Tinto Group (NYSE:RIO) by 1.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 5,115,476 shares of the mining company’s stock after acquiring an additional 70,131 shares during the period. Franklin Resources Inc. owned about 0.41% of Rio Tinto Group worth $300,841,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Palliser Capital UK Ltd raised its position in shares of 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 worth $58,188,000 after purchasing an additional 674,117 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Rio Tinto Group during the fourth quarter valued at approximately $29,606,000. SPX Gestao de Recursos Ltda lifted its position in shares of Rio Tinto Group by 1,773.2% in the third quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock valued at $30,384,000 after acquiring an additional 404,131 shares in the last quarter. FMR LLC boosted its stake in shares of Rio Tinto Group by 35.1% in the third quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock worth $98,340,000 after acquiring an additional 358,630 shares during the last quarter. Finally, ABC Arbitrage SA purchased a new stake in shares of Rio Tinto Group during the fourth quarter worth approximately $20,026,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RIO. JPMorgan Chase & Co. initiated coverage on Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating on the stock. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 22nd. Jefferies Financial Group dropped their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company 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, DZ Bank upgraded Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $73.00.

Rio Tinto Group Stock Performance

Rio Tinto Group stock opened at $60.29 on Wednesday. The stock has a market cap of $75.61 billion, a price-to-earnings ratio of 9.35, a price-to-earnings-growth ratio of 0.42 and a beta of 0.60. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.63 and a quick ratio of 1.16. The firm has a 50 day simple moving average of $62.06 and a 200-day simple moving average of $62.93. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24.

Rio Tinto Group Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, March 7th will be paid a dividend of $2.23 per share. This is a boost from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date is Friday, March 7th. This represents a yield of 7%. Rio Tinto Group’s dividend payout ratio (DPR) is 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.