Miracle Mile Advisors LLC Takes $473,000 Position in Rio Tinto Group (NYSE:RIO)

Miracle Mile Advisors LLC acquired a new position in Rio Tinto Group (NYSE:RIO - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 8,036 shares of the mining company's stock, valued at approximately $473,000.

A number of other large investors have also recently made changes to their positions in RIO. Bank of Montreal Can lifted its stake in Rio Tinto Group by 237.0% in the second 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 during the period. Philip James Wealth Mangement LLC bought a new position in Rio Tinto Group in the 3rd quarter worth $1,345,000. Fisher Asset Management LLC lifted its position in shares of Rio Tinto Group by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company's stock worth $1,247,475,000 after purchasing an additional 485,731 shares during the period. Barclays PLC lifted its holdings in Rio Tinto Group by 225.6% in the third quarter. Barclays PLC now owns 335,637 shares of the mining company's stock worth $23,888,000 after buying an additional 232,539 shares during the period. Finally, Northwest Bancshares Inc. bought a new stake in Rio Tinto Group during the 3rd quarter valued at approximately $1,440,000. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Group Price Performance

NYSE RIO traded down $0.78 during trading hours on Thursday, hitting $59.68. The company's stock had a trading volume of 10,551,809 shares, compared to its average volume of 3,708,481. Rio Tinto Group has a 12 month low of $57.85 and a 12 month high of $74.24. The company's 50 day simple moving average is $61.20 and its two-hundred day simple moving average is $63.64. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RIO. Berenberg Bank upgraded Rio Tinto Group from a "hold" rating to a "buy" rating in a research note on Wednesday, October 2nd. StockNews.com lowered Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, November 12th. Macquarie restated a "neutral" rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. Finally, Jefferies Financial Group decreased their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Four investment 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. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $73.00.

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.