Rio Tinto PLC (NYSE:RIO) is Auto Owners Insurance Co's 2nd Largest Position

Auto Owners Insurance Co increased its position in shares of Rio Tinto PLC (NYSE:RIO - Free Report) by 77,150.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,416,000 shares of the mining company's stock after buying an additional 7,406,400 shares during the period. Rio Tinto accounts for approximately 8.3% of Auto Owners Insurance Co's investment portfolio, making the stock its 2nd biggest position. Auto Owners Insurance Co owned approximately 0.59% of Rio Tinto worth $445,553,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RIO. Wayfinding Financial LLC bought a new position in shares of Rio Tinto in the first quarter worth about $30,000. Mechanics Financial Corp acquired a new stake in Rio Tinto during the 4th quarter valued at approximately $29,000. Alpine Bank Wealth Management acquired a new stake in shares of Rio Tinto during the 1st quarter worth approximately $30,000. Bfsg LLC grew its position in shares of Rio Tinto by 5,754.5% during the 1st quarter. Bfsg LLC now owns 644 shares of the mining company's stock worth $39,000 after buying an additional 633 shares during the period. Finally, Ameriflex Group Inc. bought a new position in shares of Rio Tinto in the 4th quarter worth $47,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on RIO shares. Wall Street Zen cut Rio Tinto from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. DZ Bank raised Rio Tinto from a "hold" rating to a "strong-buy" rating in a report on Thursday, March 27th. Morgan Stanley reaffirmed an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Berenberg Bank reaffirmed a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Finally, Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a research report on Tuesday, June 3rd. Four analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Stock Performance

Shares of NYSE RIO traded down $0.72 during trading on Friday, hitting $63.11. The company had a trading volume of 2,954,140 shares, compared to its average volume of 3,353,488. The stock has a 50 day simple moving average of $59.62 and a 200 day simple moving average of $60.22. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.13 and a current ratio of 1.63. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $72.08. The firm has a market capitalization of $79.14 billion, a P/E ratio of 9.78 and a beta of 0.66.

Rio Tinto 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.