Naples Global Advisors LLC Increases Holdings in Rio Tinto Group (NYSE:RIO)

Naples Global Advisors LLC increased its stake in Rio Tinto Group (NYSE:RIO) by 1.4% during the first quarter, according to its most recent filing with the SEC. The fund owned 101,498 shares of the mining company’s stock after buying an additional 1,400 shares during the quarter. Naples Global Advisors LLC’s holdings in Rio Tinto Group were worth $6,319,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rakuten Securities Inc. grew its position in shares of Rio Tinto Group by 74.8% during the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock valued at $29,000 after acquiring an additional 211 shares during the period. Mechanics Financial Corp bought a new position in Rio Tinto Group during the fourth quarter valued at $29,000. Golden State Wealth Management LLC bought a new position in Rio Tinto Group during the fourth quarter valued at $47,000. Ameriflex Group Inc. purchased a new stake in Rio Tinto Group in the fourth quarter worth $47,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Rio Tinto Group in the fourth quarter valued at $59,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Group Price Performance

RIO stock opened at $58.55 on Thursday. The firm has a 50 day moving average of $59.22 and a 200-day moving average of $60.75. The firm has a market capitalization of $73.42 billion, a P/E ratio of 9.08, a price-to-earnings-growth ratio of 0.42 and a beta of 0.73. Rio Tinto Group has a 12 month low of $51.67 and a 12 month high of $72.08. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RIO shares. JPMorgan Chase & Co. initiated coverage on Rio Tinto Group in a research note on Tuesday, March 18th. They set an “overweight” rating for the company. Morgan Stanley downgraded shares of Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, April 9th. DZ Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, March 27th. Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday. Finally, Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a research note on Friday, February 28th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.00.

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.