Rio Tinto Group (NYSE:RIO) Sees Strong Trading Volume – Here’s What Happened

Shares of Rio Tinto Group (NYSE:RIO) saw strong trading volume on Thursday . 1,590,120 shares traded hands during trading, a decline of 43% from the previous session’s volume of 2,802,012 shares.The stock last traded at $60.47 and had previously closed at $60.46.

Analyst Ratings Changes

Several analysts have commented on the stock. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Jefferies Financial Group lowered their price target on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Friday. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Rio Tinto Group currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Group Trading Up 2.0 %

The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. The stock’s 50-day simple moving average is $61.05 and its 200 day simple moving average is $63.61.

Hedge Funds Weigh In On Rio Tinto Group

Large investors have recently made changes to their positions in the company. Rhumbline Advisers boosted its stake in shares of Rio Tinto Group by 4.2% in the 2nd quarter. Rhumbline Advisers now owns 23,872 shares of the mining company’s stock valued at $1,574,000 after purchasing an additional 962 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Rio Tinto Group by 6.5% in the 2nd quarter. American Century Companies Inc. now owns 238,110 shares of the mining company’s stock valued at $15,699,000 after buying an additional 14,506 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Rio Tinto Group by 3.2% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 128,617 shares of the mining company’s stock valued at $8,480,000 after buying an additional 4,023 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Rio Tinto Group by 78.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 858,050 shares of the mining company’s stock worth $56,565,000 after buying an additional 376,778 shares during the period. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in Rio Tinto Group by 6.8% during the second quarter. Mercer Global Advisors Inc. ADV now owns 84,390 shares of the mining company’s stock worth $5,564,000 after acquiring an additional 5,364 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

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.