Cadence Wealth Management LLC Has $597,000 Stock Position in Rio Tinto Group (NYSE:RIO)

Cadence Wealth Management LLC reduced its stake in shares of Rio Tinto Group (NYSE:RIO) by 17.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,012 shares of the mining company’s stock after selling 1,701 shares during the quarter. Rio Tinto Group accounts for 0.5% of Cadence Wealth Management LLC’s holdings, making the stock its 17th biggest holding. Cadence Wealth Management LLC’s holdings in Rio Tinto Group were worth $597,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Wellington Management Group LLP grew its holdings in shares of Rio Tinto Group by 41.0% during the 3rd quarter. Wellington Management Group LLP now owns 23,193,773 shares of the mining company’s stock worth $1,476,052,000 after purchasing an additional 6,748,799 shares in the last quarter. Morgan Stanley grew its holdings in shares of Rio Tinto Group by 2.7% during the 3rd quarter. Morgan Stanley now owns 4,464,344 shares of the mining company’s stock worth $284,111,000 after purchasing an additional 118,706 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Rio Tinto Group by 5.9% during the 3rd quarter. Acadian Asset Management LLC now owns 2,903,093 shares of the mining company’s stock worth $184,721,000 after purchasing an additional 161,532 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Rio Tinto Group by 0.9% during the 3rd quarter. Northern Trust Corp now owns 1,893,222 shares of the mining company’s stock worth $120,485,000 after purchasing an additional 17,401 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Rio Tinto Group by 33.5% in the third quarter. Envestnet Asset Management Inc. now owns 965,384 shares of the mining company’s stock valued at $61,437,000 after buying an additional 242,313 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Group Stock Performance

Rio Tinto Group stock traded up $0.46 during trading hours on Friday, hitting $68.24. The stock had a trading volume of 3,019,687 shares, compared to its average volume of 3,306,954. 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 one year low of $58.27 and a one year high of $75.09. The business’s 50 day simple moving average is $64.86 and its 200-day simple moving average is $67.33.

Rio Tinto Group Increases Dividend

The business also recently disclosed a semi-annual dividend, which was paid on Thursday, April 18th. Stockholders of record on Friday, March 8th were given a dividend of $2.58 per share. This represents a dividend yield of 6.6%. This is an increase from Rio Tinto Group’s previous semi-annual dividend of $1.77. The ex-dividend date was Thursday, March 7th.

Analyst Ratings Changes

Several research firms recently weighed in on RIO. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 18th. Liberum Capital reaffirmed a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Finally, The Goldman Sachs Group began coverage on Rio Tinto Group in a research note on Friday, January 12th. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Rio Tinto Group currently has a consensus rating of “Moderate Buy” and a consensus 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.