Rio Tinto Group (NYSE:RIO) Stock Position Raised by Allen Wealth Management LLC

Allen Wealth Management LLC boosted its position in shares of Rio Tinto Group (NYSE:RIO) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,128 shares of the mining company’s stock after purchasing an additional 434 shares during the period. Rio Tinto Group accounts for 1.2% of Allen Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest holding. Allen Wealth Management LLC’s holdings in Rio Tinto Group were worth $1,717,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. raised its position in Rio Tinto Group by 55.4% during the first quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company’s stock valued at $26,000 after buying an additional 148 shares during the period. GHP Investment Advisors Inc. acquired a new position in shares of Rio Tinto Group in the 2nd quarter valued at about $26,000. Winch Advisory Services LLC purchased a new stake in shares of Rio Tinto Group in the third quarter worth approximately $26,000. FSC Wealth Advisors LLC acquired a new stake in shares of Rio Tinto Group during the third quarter worth approximately $28,000. Finally, Sound Income Strategies LLC grew its position in Rio Tinto Group by 70.9% during the third quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock valued at $30,000 after purchasing an additional 173 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Group Trading Up 0.7 %

Shares of NYSE RIO opened at $65.33 on Friday. The business’s 50-day simple moving average is $65.19 and its 200-day simple moving average is $66.33. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. Rio Tinto Group has a 52 week low of $59.35 and a 52 week high of $75.09.

Analysts Set New Price Targets

RIO has been the subject of a number of research reports. Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada upgraded Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a report on Tuesday, July 23rd. Finally, Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Rio Tinto Group has an average rating of “Moderate Buy”.

Rio Tinto Group 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.