Elevation Point Wealth Partners LLC grew its stake in shares of Rio Tinto Group (NYSE:RIO – Free Report) by 4.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 10,658 shares of the mining company’s stock after acquiring an additional 467 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Rio Tinto Group were worth $640,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in the stock. Fisher Asset Management LLC boosted its position in shares of Rio Tinto Group by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 17,604,463 shares of the mining company’s stock worth $1,035,319,000 after purchasing an additional 76,368 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Rio Tinto Group by 1.4% during the 4th quarter. Franklin Resources Inc. now owns 5,115,476 shares of the mining company’s stock worth $300,841,000 after purchasing an additional 70,131 shares in the last quarter. FMR LLC boosted its position in shares of Rio Tinto Group by 24.6% during the 4th quarter. FMR LLC now owns 1,721,690 shares of the mining company’s stock worth $101,253,000 after purchasing an additional 339,924 shares in the last quarter. Northern Trust Corp boosted its position in shares of Rio Tinto Group by 18.9% during the 4th quarter. Northern Trust Corp now owns 1,603,037 shares of the mining company’s stock worth $94,275,000 after purchasing an additional 255,151 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Rio Tinto Group by 143,872.8% during the 4th quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company’s stock worth $74,341,000 after purchasing an additional 1,263,203 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
RIO has been the topic of several recent research reports. Morgan Stanley lowered shares of Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, April 9th. Jefferies Financial Group reiterated a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday, June 3rd. JPMorgan Chase & Co. initiated coverage on shares of Rio Tinto Group in a research report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research report on Friday, February 28th. Finally, DZ Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rio Tinto Group has a consensus rating of “Moderate Buy” and an average price target of $73.00.
Rio Tinto Group Trading Down 1.2%
Shares of RIO stock opened at $57.96 on Monday. The firm has a 50-day moving average price of $59.46 and a 200 day moving average price of $60.56. Rio Tinto Group has a twelve month low of $51.67 and a twelve month high of $72.08. The company has a market capitalization of $72.68 billion, a price-to-earnings ratio of 8.99, a PEG ratio of 0.42 and a beta of 0.68. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.
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.
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