Miracle Mile Advisors LLC Takes Position in Rio Tinto Group (NYSE:RIO)

Miracle Mile Advisors LLC purchased a new position in Rio Tinto Group (NYSE:RIO) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 8,036 shares of the mining company’s stock, valued at approximately $473,000.

A number of other hedge funds also recently bought and sold shares of the company. Winch Advisory Services LLC purchased a new position in Rio Tinto Group in the third quarter worth about $26,000. FSC Wealth Advisors LLC bought a new stake in shares of Rio Tinto Group during the third quarter valued at approximately $28,000. Sound Income Strategies LLC raised its holdings in Rio Tinto Group by 70.9% in the 3rd quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock worth $30,000 after acquiring an additional 173 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in Rio Tinto Group during the 3rd quarter valued at $38,000. Finally, Godsey & Gibb Inc. bought a new stake in shares of Rio Tinto Group in the 3rd quarter worth $50,000. Institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

RIO has been the topic of a number of research analyst reports. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th. Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group reduced their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Rio Tinto Group currently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Group Trading Up 0.2 %

Rio Tinto Group stock opened at $60.48 on Thursday. The business has a 50-day simple moving average of $61.30 and a two-hundred day simple moving average of $63.66. Rio Tinto Group has a 52-week low of $57.85 and a 52-week high of $74.24. The company has a quick ratio of 1.16, a current ratio of 1.70 and a debt-to-equity ratio of 0.23. The company has a market cap of $75.78 billion, a P/E ratio of 8.78, a P/E/G ratio of 0.38 and a beta of 0.66.

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.