GoalVest Advisory LLC Invests $486,000 in Rio Tinto Group (NYSE:RIO)

GoalVest Advisory LLC acquired a new position in shares of Rio Tinto Group (NYSE:RIO) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 7,617 shares of the mining company’s stock, valued at approximately $486,000.

A number of other hedge funds have also made changes to their positions in RIO. Wellington Management Group LLP raised its position in Rio Tinto Group by 41.0% in the third quarter. Wellington Management Group LLP now owns 23,193,773 shares of the mining company’s stock valued at $1,476,052,000 after purchasing an additional 6,748,799 shares during the period. SPX Gestao de Recursos Ltda grew its stake in shares of Rio Tinto Group by 560.8% during the fourth quarter. SPX Gestao de Recursos Ltda now owns 791,933 shares of the mining company’s stock valued at $58,967,000 after acquiring an additional 672,095 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Rio Tinto Group by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 16,045,541 shares of the mining company’s stock valued at $1,194,751,000 after acquiring an additional 475,329 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Rio Tinto Group by 191.3% during the fourth quarter. Van ECK Associates Corp now owns 715,829 shares of the mining company’s stock valued at $53,301,000 after acquiring an additional 470,073 shares in the last quarter. Finally, Qube Research & Technologies Ltd grew its stake in shares of Rio Tinto Group by 160.2% during the third quarter. Qube Research & Technologies Ltd now owns 581,714 shares of the mining company’s stock valued at $37,020,000 after acquiring an additional 358,121 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analyst Upgrades and Downgrades

RIO has been the subject of several recent analyst reports. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 21st. Liberum Capital reiterated a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Finally, Citigroup downgraded Rio Tinto Group from a “buy” rating to a “neutral” rating in a research note on Monday, May 20th. Three 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 stock. Based on data from MarketBeat, Rio Tinto Group has an average rating of “Moderate Buy” and an average target price of $72.00.

Rio Tinto Group Price Performance

RIO stock traded up $0.06 during midday trading on Tuesday, reaching $66.52. The company had a trading volume of 1,543,731 shares, compared to its average volume of 2,760,334. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.17 and a current ratio of 1.69. The stock has a 50 day moving average price of $68.85 and a 200 day moving average price of $68.18. Rio Tinto Group has a fifty-two week low of $58.27 and a fifty-two week high of $75.09.

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.