Rio Tinto Group (NYSE:RIO) Shares Gap Down - Here's Why

Rio Tinto Group (NYSE:RIO - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $59.58, but opened at $58.08. Rio Tinto Group shares last traded at $58.26, with a volume of 1,420,444 shares.

Wall Street Analysts Forecast Growth

RIO has been the subject of a number of research analyst reports. Jefferies Financial Group reiterated a "hold" rating on shares of Rio Tinto Group in a research note on Tuesday. Wall Street Zen cut Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Monday, April 28th. JPMorgan Chase & Co. assumed coverage on Rio Tinto Group in a research report on Tuesday, March 18th. They issued an "overweight" rating for the company. Barclays restated an "overweight" rating on shares of Rio Tinto Group in a report on Wednesday, April 16th. Finally, Clarkson Capital upgraded Rio Tinto Group to a "strong-buy" rating in a research note on Friday, February 28th. Four 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 stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Group Stock Performance

The stock has a market cap of $73.42 billion, a price-to-earnings ratio of 9.08, a P/E/G ratio of 0.42 and a beta of 0.73. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The firm has a fifty day simple moving average of $59.27 and a 200-day simple moving average of $60.77.

Hedge Funds Weigh In On Rio Tinto Group

Several large investors have recently made changes to their positions in RIO. Auto Owners Insurance Co increased its position in Rio Tinto Group by 77,150.0% in the first quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company's stock worth $445,553,000 after purchasing an additional 7,406,400 shares during the period. Deutsche Bank AG boosted its stake in shares of Rio Tinto Group by 143,872.8% in the 4th quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company's stock valued at $74,341,000 after purchasing an additional 1,263,203 shares during the last quarter. Dynamo Internacional Gestao DE Recursos LTDA. grew its position in shares of Rio Tinto Group by 119.2% during the 4th quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 129,804 shares of the mining company's stock worth $2,423,000 after buying an additional 807,610 shares during the period. Paloma Partners Management Co acquired a new stake in shares of Rio Tinto Group during the 4th quarter worth approximately $40,032,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Rio Tinto Group during the fourth quarter worth approximately $29,606,000. Institutional investors and hedge funds own 19.33% of the company's stock.

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.