Rio Tinto Group (NYSE:RIO) Shares Acquired by Summit Global Investments

Summit Global Investments grew its stake in shares of Rio Tinto Group (NYSE:RIO) by 10.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,590 shares of the mining company’s stock after purchasing an additional 7,112 shares during the period. Summit Global Investments’ holdings in Rio Tinto Group were worth $5,522,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RIO. Hara Capital LLC purchased a new stake in Rio Tinto Group during the third quarter valued at about $53,000. Concurrent Investment Advisors LLC raised its holdings in shares of Rio Tinto Group by 4.3% during the third quarter. Concurrent Investment Advisors LLC now owns 4,261 shares of the mining company’s stock valued at $303,000 after acquiring an additional 175 shares during the period. Quintet Private Bank Europe S.A. raised its holdings in shares of Rio Tinto Group by 11.7% during the third quarter. Quintet Private Bank Europe S.A. now owns 4,165 shares of the mining company’s stock valued at $296,000 after acquiring an additional 437 shares during the period. Van ECK Associates Corp lifted its position in shares of Rio Tinto Group by 10.7% in the 3rd quarter. Van ECK Associates Corp now owns 693,102 shares of the mining company’s stock valued at $49,328,000 after acquiring an additional 67,213 shares in the last quarter. Finally, Allen Wealth Management LLC boosted its stake in Rio Tinto Group by 1.8% in the 3rd quarter. Allen Wealth Management LLC now owns 24,128 shares of the mining company’s stock worth $1,717,000 after purchasing an additional 434 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analysts Set New Price Targets

RIO has been the topic of several recent analyst reports. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a research report on Tuesday, July 23rd. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 6th. Finally, Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

RIO opened at $67.48 on Friday. The stock has a fifty day moving average price of $65.29 and a 200 day moving average price of $66.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. Rio Tinto Group has a 1 year low of $59.35 and a 1 year high of $75.09.

Rio Tinto Group 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.