Rio Tinto Group (NYSE:RIO) is Palliser Capital UK Ltd’s Largest Position

Palliser Capital UK Ltd lifted its holdings in Rio Tinto Group (NYSE:RIO) by 213.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 989,417 shares of the mining company’s stock after purchasing an additional 674,117 shares during the quarter. Rio Tinto Group comprises about 46.5% of Palliser Capital UK Ltd’s portfolio, making the stock its biggest position. Palliser Capital UK Ltd’s holdings in Rio Tinto Group were worth $58,188,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Winch Advisory Services LLC acquired a new stake in shares of Rio Tinto Group during the third quarter worth $26,000. FSC Wealth Advisors LLC purchased a new position in Rio Tinto Group during the 3rd quarter worth approximately $28,000. Sound Income Strategies LLC lifted its stake in 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 acquiring an additional 173 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in shares of Rio Tinto Group by 63.9% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company’s stock valued at $29,000 after acquiring an additional 195 shares during the last quarter. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Rio Tinto Group in the third quarter worth $38,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Price Performance

RIO opened at $60.48 on Thursday. The business’s 50 day moving average price is $61.30 and its 200 day moving average price is $63.66. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a one year low of $57.85 and a one year high of $74.24.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Jefferies Financial Group decreased their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a report on Monday, January 6th. StockNews.com lowered Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th. Finally, Berenberg Bank upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

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.