5 Commodities Stocks That Pay Dividends

2. Rio Tinto Group (NYSE:RIO)

Number of Hedge Fund Holders: 22

Forward Dividend Yield as of March 18: 10.90%

Rio Tinto Group (NYSE:RIO) in involved in the exploration, mining, and processing of mineral resources worldwide. On March 14, 2022, Rio Tinto Group (NYSE:RIO) announced its plans to acquire 49% of the issued and outstanding shares of Turquoise Hill (NYSE:TRQ) at Canadian $34 in cash per share. The all-cash transaction is bet at $2.7 billion.

This March, Jefferies analyst Christopher LaFemina raised his price target on Rio Tinto Group (NYSE:RIO) to $92 from $86 and reiterated a Hold rating on the shares.

As of March 11, 2022, Fisher Asset Management is the majority stakeholder in Rio Tinto Group (NYSE:RIO), having stakes amounting to $907.2 million. The investment covers 0.5% of the fund’s Q4 2021 investment portfolio.

Rio Tinto Group (NYSE:RIO) is gaining popularity among investor circles. At the close of the fourth quarter of 2021, Insider Monkey identified 22 hedge funds having stakes in Rio Tinto Group (NYSE:RIO) worth in excess of $1.83 billion. This is compared to 20 positions in the third quarter of 2021, with stakes worth $1.33 billion. It can be concluded from these numbers that the hedge fund sentiment around the stock is positive.