Rio Tinto Group (NYSE:RIO) Sees Strong Trading Volume – Here’s Why

Shares of Rio Tinto Group (NYSE:RIO) saw unusually-high trading volume on Thursday . Approximately 4,823,849 shares were traded during trading, an increase of 75% from the previous session’s volume of 2,752,801 shares.The stock last traded at $63.57 and had previously closed at $64.98.

Wall Street Analyst Weigh In

RIO has been the topic of a number of research analyst reports. Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 12th. Finally, Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Rio Tinto Group presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Trading Down 2.0 %

The business has a fifty day simple moving average of $64.30 and a 200-day simple moving average of $65.01. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Fisher Asset Management LLC grew its stake in Rio Tinto Group by 2.9% in the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock worth $1,247,475,000 after purchasing an additional 485,731 shares during the period. Bank of Montreal Can grew its position in shares of Rio Tinto Group by 237.0% in the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock worth $164,493,000 after buying an additional 1,738,752 shares during the period. FMR LLC increased its stake in shares of Rio Tinto Group by 35.1% in the 3rd quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock worth $98,340,000 after acquiring an additional 358,630 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in Rio Tinto Group by 9.8% during the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 932,151 shares of the mining company’s stock valued at $66,341,000 after acquiring an additional 83,569 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in 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 acquiring an additional 376,778 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

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.