Comerica Bank Raises Stake in Rio Tinto Group (NYSE:RIO)

Comerica Bank grew its position in Rio Tinto Group (NYSE:RIO – Get Rating) by 22.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,211 shares of the mining company’s stock after acquiring an additional 12,725 shares during the period. Comerica Bank’s holdings in Rio Tinto Group were worth $3,689,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Asio Capital LLC boosted its holdings in shares of Rio Tinto Group by 7.4% in the third quarter. Asio Capital LLC now owns 49,080 shares of the mining company’s stock valued at $2,702,000 after acquiring an additional 3,395 shares in the last quarter. Naviter Wealth LLC boosted its holdings in shares of Rio Tinto Group by 25.4% in the third quarter. Naviter Wealth LLC now owns 12,179 shares of the mining company’s stock valued at $671,000 after acquiring an additional 2,469 shares in the last quarter. Miller Howard Investments Inc. NY boosted its holdings in shares of Rio Tinto Group by 27.3% in the third quarter. Miller Howard Investments Inc. NY now owns 140,000 shares of the mining company’s stock valued at $7,708,000 after acquiring an additional 30,000 shares in the last quarter. Western Pacific Wealth Management LP purchased a new stake in shares of Rio Tinto Group in the third quarter valued at about $36,000. Finally, Fractal Investments LLC boosted its holdings in shares of Rio Tinto Group by 49.1% in the third quarter. Fractal Investments LLC now owns 24,901 shares of the mining company’s stock valued at $1,371,000 after acquiring an additional 8,200 shares in the last quarter. Hedge funds and other institutional investors own 10.43% of the company’s stock.

Rio Tinto Group Stock Performance

NYSE:RIO opened at $77.55 on Monday. The firm has a 50 day simple moving average of $68.94 and a 200-day simple moving average of $61.25. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.79 and a quick ratio of 1.34. Rio Tinto Group has a 1-year low of $50.92 and a 1-year high of $84.69.

Wall Street Analyst Weigh In

RIO has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut shares of Rio Tinto Group from a “neutral” rating to an “underweight” rating in a research note on Tuesday, December 13th. Berenberg Bank upgraded shares of Rio Tinto Group from a “sell” rating to a “buy” rating in a research note on Thursday. Morgan Stanley reduced their price objective on shares of Rio Tinto Group from GBX 6,040 ($73.59) to GBX 5,700 ($69.44) in a research note on Thursday, December 8th. Barclays upgraded shares of Rio Tinto Group from an “underweight” rating to an “equal weight” rating in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Rio Tinto Group from GBX 5,800 ($70.66) to GBX 6,200 ($75.54) in a research note on Tuesday, January 10th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Rio Tinto Group presently has an average rating of “Hold” and a consensus price target of $3,990.00.

Rio Tinto Group Company Profile

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Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company offers aluminum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and lithium. It also owns and operates open pit and underground mines, mills, refineries, smelters, power stations, and research and service facilities.