Auto Owners Insurance Co Has $445.55 Million Stock Position in Rio Tinto PLC (NYSE:RIO)

Auto Owners Insurance Co grew its position in 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 & Exchange Commission. The firm owned 7,416,000 shares of the mining company's stock after purchasing an additional 7,406,400 shares during the quarter. Rio Tinto makes up approximately 8.3% of Auto Owners Insurance Co's portfolio, making the stock its 2nd largest holding. Auto Owners Insurance Co owned 0.59% of Rio Tinto worth $445,553,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Capital Analysts LLC grew its stake in shares of Rio Tinto by 6.0% in the fourth quarter. Capital Analysts LLC now owns 2,886 shares of the mining company's stock worth $170,000 after acquiring an additional 163 shares during the last quarter. Nemes Rush Group LLC grew its stake in shares of Rio Tinto by 10.0% in the fourth quarter. Nemes Rush Group LLC now owns 1,855 shares of the mining company's stock worth $109,000 after acquiring an additional 169 shares during the last quarter. Aspen Wealth Strategies LLC grew its stake in shares of Rio Tinto by 3.7% in the first quarter. Aspen Wealth Strategies LLC now owns 4,810 shares of the mining company's stock worth $289,000 after acquiring an additional 172 shares during the last quarter. Walker Asset Management LLC grew its stake in shares of Rio Tinto by 4.8% in the first quarter. Walker Asset Management LLC now owns 4,326 shares of the mining company's stock worth $260,000 after acquiring an additional 200 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. grew its stake in shares of Rio Tinto by 10.0% in the first quarter. Quintet Private Bank Europe S.A. now owns 2,200 shares of the mining company's stock worth $132,000 after acquiring an additional 200 shares during the last quarter. Institutional investors own 19.33% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Berenberg Bank restated a "hold" rating on shares of Rio Tinto in a research note on Thursday, July 3rd. Wall Street Zen downgraded shares of Rio Tinto from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto in a research note on Tuesday, June 3rd. Barclays reiterated an "overweight" rating on shares of Rio Tinto in a research note on Wednesday, July 2nd. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Rio Tinto in a research note on Monday, July 14th. Four investment 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Stock Performance

RIO traded down $0.72 during trading on Friday, reaching $63.11. 2,954,203 shares of the company's stock were exchanged, compared to its average volume of 3,859,372. The company has a market capitalization of $79.14 billion, a P/E ratio of 9.78 and a beta of 0.66. The business has a 50 day moving average price of $59.63 and a 200 day moving average price of $60.25. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $72.08. The company has a quick ratio of 1.13, a current ratio of 1.63 and a debt-to-equity ratio of 0.23.

About Rio Tinto

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.