Davis Capital Management Increases Stake in Rio Tinto Group (NYSE:RIO)

Davis Capital Management raised its holdings in shares of Rio Tinto Group (NYSE:RIOFree Report) by 24.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,041 shares of the mining company’s stock after buying an additional 2,158 shares during the period. Davis Capital Management’s holdings in Rio Tinto Group were worth $709,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Meritage Portfolio Management increased its holdings in Rio Tinto Group by 0.3% during the fourth quarter. Meritage Portfolio Management now owns 42,192 shares of the mining company’s stock valued at $3,142,000 after buying an additional 147 shares during the last quarter. Dana Investment Advisors Inc. increased its holdings in Rio Tinto Group by 0.5% during the third quarter. Dana Investment Advisors Inc. now owns 29,483 shares of the mining company’s stock valued at $1,876,000 after buying an additional 150 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Rio Tinto Group by 8.5% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,922 shares of the mining company’s stock worth $143,000 after purchasing an additional 150 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Rio Tinto Group by 39.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 553 shares of the mining company’s stock worth $41,000 after purchasing an additional 156 shares in the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC increased its stake in shares of Rio Tinto Group by 2.4% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,428 shares of the mining company’s stock worth $473,000 after purchasing an additional 172 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Group Price Performance

Shares of NYSE:RIO traded up $0.27 during midday trading on Wednesday, reaching $66.26. 1,984,403 shares of the company were exchanged, compared to its average volume of 2,072,288. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17. The business’s fifty day moving average is $68.82 and its two-hundred day moving average is $68.28. Rio Tinto Group has a one year low of $58.27 and a one year high of $75.09.

Wall Street Analyst Weigh In

RIO has been the subject of a number of analyst reports. StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 21st. Citigroup cut shares of Rio Tinto Group from a “buy” rating to a “neutral” rating in a research note on Monday, May 20th. Finally, Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has 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 $72.00.

Check Out Our Latest Research Report on RIO

Rio Tinto Group Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Rio Tinto Group (NYSE:RIO)

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