Salem Investment Counselors Inc. Acquires 13,856 Shares of Rio Tinto Group (NYSE:RIO)

Salem Investment Counselors Inc. increased its position in shares of Rio Tinto Group (NYSE:RIOFree Report) by 12.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 127,216 shares of the mining company’s stock after purchasing an additional 13,856 shares during the period. Salem Investment Counselors Inc.’s holdings in Rio Tinto Group were worth $8,430,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. AdvisorNet Financial Inc boosted its position in Rio Tinto Group by 785.7% in the 4th quarter. AdvisorNet Financial Inc now owns 372 shares of the mining company’s stock valued at $28,000 after buying an additional 330 shares during the period. Parkside Financial Bank & Trust boosted its holdings in Rio Tinto Group by 39.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 553 shares of the mining company’s stock worth $41,000 after buying an additional 156 shares in the last quarter. Financial Management Professionals Inc. boosted its holdings in Rio Tinto Group by 250.6% during the fourth quarter. Financial Management Professionals Inc. now owns 617 shares of the mining company’s stock worth $46,000 after buying an additional 441 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Rio Tinto Group during the fourth quarter worth $47,000. Finally, Bogart Wealth LLC raised its position in Rio Tinto Group by 279.3% during the fourth quarter. Bogart Wealth LLC now owns 679 shares of the mining company’s stock worth $51,000 after acquiring an additional 500 shares during the period. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Group Stock Down 0.8 %

Shares of Rio Tinto Group stock traded down $0.52 during trading on Friday, hitting $66.40. 1,805,813 shares of the stock traded hands, compared to its average volume of 1,762,103. The company has a fifty day moving average price of $68.84 and a two-hundred day moving average price of $68.24. Rio Tinto Group has a twelve month low of $58.27 and a twelve month high of $75.09. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Liberum Capital reissued a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Citigroup downgraded shares of Rio Tinto Group from a “buy” rating to a “neutral” rating in a research note on Monday, May 20th. Finally, StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 21st. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $72.00.

View Our Latest Stock Report on RIO

About Rio Tinto Group

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Rio Tinto Group (NYSE:RIO)

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