RFG Advisory LLC Acquires New Stake in Rio Tinto Group (NYSE:RIO)

RFG Advisory LLC acquired a new stake in Rio Tinto Group (NYSE:RIO - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 13,824 shares of the mining company's stock, valued at approximately $831,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rakuten Securities Inc. raised its holdings in shares of Rio Tinto Group by 74.8% in the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock valued at $29,000 after buying an additional 211 shares during the period. Mechanics Financial Corp purchased a new stake in shares of Rio Tinto Group in the 4th quarter valued at $29,000. Golden State Wealth Management LLC purchased a new stake in shares of Rio Tinto Group in the 4th quarter valued at $47,000. Ameriflex Group Inc. purchased a new stake in shares of Rio Tinto Group in the 4th quarter valued at $47,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Rio Tinto Group in the 4th quarter valued at $59,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Wall Street Analysts Forecast Growth

RIO has been the subject of several analyst reports. JPMorgan Chase & Co. initiated coverage on Rio Tinto Group in a research note on Tuesday, March 18th. They set an "overweight" rating for the company. DZ Bank raised Rio Tinto Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 27th. Morgan Stanley cut Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, April 9th. Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto Group in a research note on Tuesday. Finally, Clarkson Capital raised Rio Tinto Group to a "strong-buy" rating in a research note on Friday, February 28th. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Group Trading Up 1.1%

NYSE:RIO opened at $59.20 on Friday. The stock has a 50-day simple moving average of $59.20 and a 200-day simple moving average of $60.73. The stock has a market cap of $74.24 billion, a P/E ratio of 9.18, a P/E/G ratio of 0.42 and a beta of 0.68. Rio Tinto Group has a 1 year low of $51.67 and a 1 year high of $72.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63.

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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