Allspring Global Investments Holdings LLC Boosts Stake in Rio Tinto Group (NYSE:RIO)

Allspring Global Investments Holdings LLC grew its position in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 118.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 99,853 shares of the mining company's stock after acquiring an additional 54,130 shares during the period. Allspring Global Investments Holdings LLC's holdings in Rio Tinto Group were worth $5,868,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. FSC Wealth Advisors LLC purchased a new position in shares of Rio Tinto Group in the 3rd quarter worth approximately $28,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Rio Tinto Group by 63.9% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 500 shares of the mining company's stock valued at $29,000 after purchasing an additional 195 shares in the last quarter. Northwest Investment Counselors LLC acquired a new stake in Rio Tinto Group during the 3rd quarter worth approximately $38,000. Hara Capital LLC bought a new position in Rio Tinto Group during the third quarter worth $53,000. Finally, Golden State Wealth Management LLC acquired a new position in Rio Tinto Group during the fourth quarter worth about $47,000. Hedge funds and other institutional investors own 19.33% of the company's stock.

Rio Tinto Group Price Performance

Shares of Rio Tinto Group stock traded down $0.89 during midday trading on Friday, hitting $63.40. The company had a trading volume of 1,271,836 shares, compared to its average volume of 3,178,089. The business's 50 day simple moving average is $60.58 and its two-hundred day simple moving average is $62.93. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RIO shares. Jefferies Financial Group reduced their price objective on Rio Tinto Group from $83.00 to $73.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. StockNews.com upgraded Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a research note on Friday, February 14th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Rio Tinto Group currently has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Group 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.