Azzad Asset Management Inc. ADV Buys 547 Shares of Rio Tinto Group (NYSE:RIO)

Azzad Asset Management Inc. ADV increased its stake in shares of Rio Tinto Group (NYSE:RIO) by 2.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,053 shares of the mining company’s stock after buying an additional 547 shares during the quarter. Azzad Asset Management Inc. ADV’s holdings in Rio Tinto Group were worth $1,342,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of RIO. Schonfeld Strategic Advisors LLC acquired a new stake in Rio Tinto Group during the 3rd quarter valued at $1,865,000. Glenmede Trust Co. NA increased its holdings in Rio Tinto Group by 69.3% during the 3rd quarter. Glenmede Trust Co. NA now owns 9,350 shares of the mining company’s stock valued at $595,000 after purchasing an additional 3,828 shares in the last quarter. Axxcess Wealth Management LLC acquired a new stake in Rio Tinto Group during the 3rd quarter valued at $704,000. Evergreen Capital Management LLC increased its holdings in Rio Tinto Group by 22.0% during the 3rd quarter. Evergreen Capital Management LLC now owns 13,628 shares of the mining company’s stock valued at $867,000 after purchasing an additional 2,459 shares in the last quarter. Finally, Lido Advisors LLC increased its holdings in Rio Tinto Group by 0.9% during the 3rd quarter. Lido Advisors LLC now owns 48,045 shares of the mining company’s stock valued at $3,058,000 after purchasing an additional 436 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Stock Up 3.2 %

Shares of NYSE:RIO traded up $2.11 during midday trading on Wednesday, hitting $68.12. The company had a trading volume of 1,061,360 shares, compared to its average volume of 2,707,589. The firm has a fifty day simple moving average of $68.78 and a 200 day simple moving average of $68.02. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 12 month low of $58.27 and a 12 month high of $75.09.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Citigroup cut Rio Tinto Group from a “buy” rating to a “neutral” rating in a research note on Monday, May 20th. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 21st. Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Finally, Berenberg Bank cut Rio Tinto Group from a “buy” rating to a “hold” rating in a research note on Thursday, June 27th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

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.