StockNews.com upgraded shares of Rio Tinto Group (NYSE:RIO – Free Report) from a buy rating to a strong-buy rating in a research report released on Friday.
RIO has been the subject of several other research reports. Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Finally, Jefferies Financial Group cut their target price on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Rio Tinto Group has an average rating of “Moderate Buy” and a consensus price target of $73.00.
Read Our Latest Stock Report on Rio Tinto Group
Rio Tinto Group Stock Performance
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can grew its holdings in shares of Rio Tinto Group by 237.0% in the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock worth $164,493,000 after acquiring an additional 1,738,752 shares during the period. Philip James Wealth Mangement LLC purchased a new stake in Rio Tinto Group during the third quarter worth $1,345,000. Fisher Asset Management LLC grew its holdings in Rio Tinto Group by 2.9% in the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after purchasing an additional 485,731 shares during the last quarter. Barclays PLC increased its position in shares of Rio Tinto Group by 225.6% in the third quarter. Barclays PLC now owns 335,637 shares of the mining company’s stock valued at $23,888,000 after buying an additional 232,539 shares in the last quarter. Finally, Northwest Bancshares Inc. acquired a new position in shares of Rio Tinto Group during the 3rd quarter worth $1,440,000. 19.33% of the stock is owned by hedge funds and other institutional investors.
About Rio Tinto Group
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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