Verdence Capital Advisors LLC Trims Stock Position in Rio Tinto Group (NYSE:RIO)

Verdence Capital Advisors LLC lowered its stake in shares of Rio Tinto Group (NYSE:RIO) by 8.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,593 shares of the mining company’s stock after selling 813 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Rio Tinto Group were worth $640,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. AdvisorNet Financial Inc grew its position in Rio Tinto Group by 785.7% during 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 period. SouthState Corp purchased a new stake in shares of Rio Tinto Group during the 3rd quarter worth about $32,000. Financial Management Professionals Inc. increased its position in 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 in the last quarter. Bruce G. Allen Investments LLC purchased a new position in Rio Tinto Group in the fourth quarter valued at approximately $47,000. Finally, NBC Securities Inc. acquired a new position in Rio Tinto Group during the third quarter valued at approximately $59,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RIO shares. Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday, March 5th. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 18th. Finally, The Goldman Sachs Group initiated coverage on shares of Rio Tinto Group in a research report on Friday, January 12th. They issued a “buy” rating for the company. Two equities research 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 stock. According to MarketBeat, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Rio Tinto Group Trading Up 0.3 %

Shares of NYSE:RIO opened at $67.20 on Tuesday. The company has a fifty day simple moving average of $64.86 and a 200 day simple moving average of $67.18. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.17 and a current ratio of 1.69. Rio Tinto Group has a 12-month low of $58.27 and a 12-month high of $75.09.

Rio Tinto Group Increases Dividend

The business also recently announced a semi-annual dividend, which was paid on Thursday, April 18th. Stockholders of record on Friday, March 8th were paid a $2.58 dividend. This represents a dividend yield of 6.6%. 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.

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.