SteelPeak Wealth LLC Takes $11.81 Million Position in Rio Tinto Group (NYSE:RIO)

SteelPeak Wealth LLC purchased a new position in shares of Rio Tinto Group (NYSE:RIO) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 200,816 shares of the mining company’s stock, valued at approximately $11,810,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Palliser Capital UK Ltd grew its stake in shares of Rio Tinto Group by 213.8% in the 4th quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after purchasing an additional 674,117 shares during the last quarter. Fisher Asset Management LLC grew its position in Rio Tinto Group by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after buying an additional 485,731 shares during the last quarter. Mediolanum International Funds Ltd purchased a new position in Rio Tinto Group during the 3rd quarter worth $33,590,000. SPX Gestao de Recursos Ltda lifted its stake in shares of Rio Tinto Group by 1,773.2% in the 3rd quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock worth $30,384,000 after acquiring an additional 404,131 shares during the period. Finally, FMR LLC boosted its holdings in shares of Rio Tinto Group by 35.1% in the third quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock valued at $98,340,000 after acquiring an additional 358,630 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

RIO has been the subject of a number of recent analyst reports. Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Berenberg Bank upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Finally, Jefferies Financial Group decreased their target price on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Stock Down 3.4 %

NYSE RIO opened at $59.84 on Wednesday. The business has a 50 day moving average price of $61.01 and a 200 day moving average price of $63.28. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 0.23.

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.