13 Cheap High Dividend Stocks To Invest In Now

3. Rio Tinto Group (NYSE:RIO)

Number of Hedge Fund Holders: 30

Dividend Yield as of February 17: 6.87%

P/E Ratio: 9.62

Rio Tinto Group (NYSE:RIO) is a British mining company that operates through four segments – Iron Ore, Aluminum, Copper, and Minerals. The company has cleared all regulatory hurdles for its $6.7 billion acquisition of Arcadium Lithium, with the deal set to close on March 6. This move strengthens Rio’s position in the lithium sector, aligning with its energy transition strategy. Arcadium brings a diverse range of lithium assets and global operations, with plans to more than double its production capacity by 2028. Rio Tinto Group (NYSE:RIO) is one of the best dividend stocks to invest in.

In 2024, Rio Tinto Group (NYSE:RIO) saw a marginal increase in production, up 1%, with sales volumes rising by 3%. During the December Investor Seminar, the company laid out its vision for steady growth, aiming for around 3% annual production increases over the next ten years, driven by significant projects like Oyu Tolgoi, Simandou, and Rio’s expanding lithium portfolio. The company last issued a semi-annual dividend of $1.77 per share on September 26, 2024.

According to Insider Monkey’s Q3 database, 30 hedge funds reported owning stakes in Rio Tinto Group (NYSE:RIO), compared to 29 funds in the earlier quarter. Ken Fisher’s Fisher Asset Management was the biggest stakeholder in Rio, with 17.5 million shares valued at $1.2 billion.