SeaCrest Wealth Management LLC Takes Position in Rio Tinto Group (NYSE:RIO)

SeaCrest Wealth Management LLC purchased a new stake in Rio Tinto Group (NYSE:RIO) during the first quarter, according to its most recent filing with the SEC. The firm purchased 3,428 shares of the mining company’s stock, valued at approximately $206,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RIO. Fisher Asset Management LLC raised its holdings in Rio Tinto Group by 0.4% in the fourth quarter. Fisher Asset Management LLC now owns 17,604,463 shares of the mining company’s stock worth $1,035,319,000 after purchasing an additional 76,368 shares during the period. Franklin Resources Inc. grew its holdings in shares of Rio Tinto Group by 1.4% in the 4th quarter. Franklin Resources Inc. now owns 5,115,476 shares of the mining company’s stock valued at $300,841,000 after buying an additional 70,131 shares during the period. FMR LLC increased its position in shares of Rio Tinto Group by 24.6% in the 4th quarter. FMR LLC now owns 1,721,690 shares of the mining company’s stock valued at $101,253,000 after buying an additional 339,924 shares in the last quarter. Northern Trust Corp raised its stake in Rio Tinto Group by 18.9% during the 4th quarter. Northern Trust Corp now owns 1,603,037 shares of the mining company’s stock worth $94,275,000 after buying an additional 255,151 shares during the period. Finally, Deutsche Bank AG raised its stake in Rio Tinto Group by 143,872.8% during the 4th quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company’s stock worth $74,341,000 after buying an additional 1,263,203 shares during the period. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

NYSE RIO opened at $59.03 on Monday. The firm’s 50 day moving average is $59.17 and its 200-day moving average is $60.69. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $74.03 billion, a PE ratio of 9.15, a price-to-earnings-growth ratio of 0.42 and a beta of 0.68. Rio Tinto Group has a 12-month low of $51.67 and a 12-month high of $72.08.

Analysts Set New Price Targets

Several equities research analysts have issued reports on RIO shares. Wall Street Zen downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Barclays reissued an “overweight” rating on shares of Rio Tinto Group in a research note on Wednesday, April 16th. JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They issued an “overweight” rating on the stock. Jefferies Financial Group reiterated a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, June 3rd. Finally, Clarkson Capital upgraded shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and an average target price of $73.00.

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.