13,879 Shares in Rio Tinto Group (NYSE:RIO) Acquired by Strategic Financial Concepts LLC

Strategic Financial Concepts LLC bought a new stake in shares of Rio Tinto Group (NYSE:RIO) in the fourth quarter, HoldingsChannel reports. The institutional investor bought 13,879 shares of the mining company’s stock, valued at approximately $816,000.

Other institutional investors have also added to or reduced their stakes in the company. Creative Planning raised its holdings in Rio Tinto Group by 4.4% in the 3rd quarter. Creative Planning now owns 80,160 shares of the mining company’s stock worth $5,705,000 after purchasing an additional 3,413 shares during the period. Vontobel Holding Ltd. increased its position in Rio Tinto Group by 64.0% in the third quarter. Vontobel Holding Ltd. now owns 8,910 shares of the mining company’s stock worth $634,000 after buying an additional 3,476 shares in the last quarter. Bleakley Financial Group LLC bought a new position in shares of Rio Tinto Group in the third quarter worth about $221,000. Allspring Global Investments Holdings LLC lifted its position in shares of Rio Tinto Group by 258.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 45,723 shares of the mining company’s stock valued at $3,254,000 after buying an additional 32,965 shares in the last quarter. Finally, Northwest Investment Counselors LLC bought a new position in shares of Rio Tinto Group during the 3rd quarter valued at approximately $38,000. 19.33% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RIO. Jefferies Financial Group lowered their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 14th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Rio Tinto Group currently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Price Performance

RIO stock opened at $64.21 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24. The business has a 50 day simple moving average of $60.62 and a two-hundred day simple moving average of $62.92.

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.