Rio Tinto Group (NYSE:RIO) Shares Bought by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC grew its stake in shares of Rio Tinto Group (NYSE:RIO) by 4.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,658 shares of the mining company’s stock after purchasing an additional 467 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Rio Tinto Group were worth $640,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RIO. Deutsche Bank AG raised its holdings in Rio Tinto Group by 143,872.8% during the fourth quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company’s stock worth $74,341,000 after purchasing an additional 1,263,203 shares in the last quarter. Dynamo Internacional Gestao DE Recursos LTDA. increased its holdings in shares of Rio Tinto Group by 119.2% in the 4th quarter. Dynamo Internacional Gestao DE Recursos LTDA. now owns 129,804 shares of the mining company’s stock valued at $2,423,000 after acquiring an additional 807,610 shares during the period. Paloma Partners Management Co acquired a new position in shares of Rio Tinto Group in the 4th quarter valued at $40,032,000. Raymond James Financial Inc. acquired a new position in shares of Rio Tinto Group in the 4th quarter valued at $29,606,000. Finally, Ameriprise Financial Inc. increased its holdings in shares of Rio Tinto Group by 169.4% in the 4th quarter. Ameriprise Financial Inc. now owns 619,494 shares of the mining company’s stock valued at $36,428,000 after acquiring an additional 389,531 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Stock Performance

Shares of RIO opened at $57.96 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. The stock has a market capitalization of $72.68 billion, a P/E ratio of 8.99, a P/E/G ratio of 0.42 and a beta of 0.68. The company’s fifty day moving average is $59.46 and its two-hundred day moving average is $60.56. Rio Tinto Group has a 1 year low of $51.67 and a 1 year high of $72.08.

Analysts Set New Price Targets

RIO has been the topic of a number of recent research reports. JPMorgan Chase & Co. initiated coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating on the stock. Barclays reaffirmed an “overweight” rating on shares of Rio Tinto Group in a report on Wednesday, April 16th. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. DZ Bank raised shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, March 27th. Finally, Wall Street Zen cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $73.00.

Rio Tinto Group Company 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.