Aigen Investment Management LP Purchases New Shares in Rio Tinto Group (NYSE:RIO)

Aigen Investment Management LP acquired a new position in Rio Tinto Group (NYSE:RIO) in the third quarter, HoldingsChannel.com reports. The fund acquired 6,051 shares of the mining company’s stock, valued at approximately $431,000.

Several other hedge funds have also modified their holdings of the company. Winch Advisory Services LLC acquired a new position in Rio Tinto Group in the 3rd quarter worth about $26,000. GHP Investment Advisors Inc. purchased a new stake in shares of Rio Tinto Group in the second quarter valued at approximately $26,000. FSC Wealth Advisors LLC acquired a new position in shares of Rio Tinto Group during the 3rd quarter worth approximately $28,000. Sound Income Strategies LLC lifted its position in shares of Rio Tinto Group by 70.9% during the 3rd quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock valued at $30,000 after buying an additional 173 shares in the last quarter. Finally, Centerpoint Advisors LLC grew its stake in Rio Tinto Group by 110.0% in the 2nd quarter. Centerpoint Advisors LLC now owns 525 shares of the mining company’s stock valued at $35,000 after acquiring an additional 275 shares during the period. 19.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RIO has been the topic of several recent analyst reports. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Hsbc Global Res raised Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Finally, Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy”.

Rio Tinto Group Trading Down 0.3 %

RIO opened at $60.42 on Friday. The firm has a market capitalization of $75.69 billion, a price-to-earnings ratio of 8.86, a price-to-earnings-growth ratio of 0.36 and a beta of 0.67. The company’s 50 day simple moving average is $65.42 and its two-hundred day simple moving average is $66.15. Rio Tinto Group has a 1-year low of $59.35 and a 1-year 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.

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.