Baron Wealth Management LLC Takes Position in Rio Tinto Group (NYSE:RIO)

Baron Wealth Management LLC purchased a new position in Rio Tinto Group (NYSE:RIO) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,837 shares of the mining company’s stock, valued at approximately $202,000.

Other large investors also recently added to or reduced their stakes in the company. Bank of Montreal Can lifted its position in shares of Rio Tinto Group by 237.0% in the second quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after acquiring an additional 1,738,752 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in Rio Tinto Group in the 2nd quarter valued at $48,129,000. Mediolanum International Funds Ltd acquired a new stake in Rio Tinto Group during the 3rd quarter worth $33,590,000. Palliser Capital UK Ltd boosted its stake in Rio Tinto Group by 690.6% during the 2nd quarter. Palliser Capital UK Ltd now owns 499,675 shares of the mining company’s stock worth $32,944,000 after purchasing an additional 436,475 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Rio Tinto Group by 78.3% during the second quarter. Dimensional Fund Advisors LP now owns 858,050 shares of the mining company’s stock worth $56,565,000 after buying an additional 376,778 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RIO. Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. StockNews.com lowered Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 12th. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. Hsbc Global Res raised Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Finally, HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy”.

Rio Tinto Group Trading Up 0.5 %

RIO stock opened at $62.42 on Wednesday. Rio Tinto Group has a 52-week low of $59.35 and a 52-week high of $75.09. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. The business has a fifty day moving average of $65.54 and a two-hundred day moving average of $65.94.

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.