Empirical Asset Management LLC Acquires Shares of 27,199 Rio Tinto Group (NYSE:RIO)

Empirical Asset Management LLC purchased a new stake in Rio Tinto Group (NYSE:RIO) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 27,199 shares of the mining company’s stock, valued at approximately $1,600,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fisher Asset Management LLC lifted its holdings in shares of Rio Tinto Group by 2.9% in the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after purchasing an additional 485,731 shares in the last quarter. Bank of Montreal Can lifted its stake in Rio Tinto Group by 237.0% in the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock worth $164,493,000 after acquiring an additional 1,738,752 shares in the last quarter. FMR LLC boosted its position in Rio Tinto Group by 35.1% during the 3rd quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock worth $98,340,000 after acquiring an additional 358,630 shares during the period. Palliser Capital UK Ltd increased its holdings in shares of Rio Tinto Group by 213.8% in the 4th quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after purchasing an additional 674,117 shares during the period. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in shares of Rio Tinto Group by 9.8% in the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 932,151 shares of the mining company’s stock worth $66,341,000 after purchasing an additional 83,569 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Friday. Jefferies Financial Group cut 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. Finally, Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. 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, the stock currently has an average rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Group Stock Performance

Rio Tinto Group stock opened at $61.00 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24. The firm’s fifty day simple moving average is $61.05 and its 200-day simple moving average is $63.61.

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.