Rio Tinto Group (NYSE:RIO) Sees Large Volume Increase - Here's Why

Rio Tinto Group (NYSE:RIO - Get Free Report) shares saw strong trading volume on Thursday . 1,590,120 shares were traded during mid-day trading, a decline of 43% from the previous session's volume of 2,802,012 shares.The stock last traded at $60.47 and had previously closed at $60.46.

Analyst Upgrades and Downgrades

RIO has been the subject of a number of recent analyst reports. Macquarie reaffirmed a "neutral" rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. Jefferies Financial Group decreased their target price on 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. Berenberg Bank upgraded shares of Rio Tinto Group from a "hold" rating to a "buy" rating in a research note on Wednesday, October 2nd. Finally, StockNews.com cut shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a report on Tuesday, November 12th. Four research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Group Trading Up 2.0 %

The business has a 50 day moving average of $61.05 and a 200-day moving average of $63.61. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70.

Hedge Funds Weigh In On Rio Tinto Group

Institutional investors have recently modified their holdings of the business. Bank of Montreal Can boosted its stake in Rio Tinto Group by 237.0% during the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company's stock worth $164,493,000 after purchasing an additional 1,738,752 shares during the period. Philip James Wealth Mangement LLC acquired a new stake in shares of Rio Tinto Group during the third quarter worth about $1,345,000. Fisher Asset Management LLC grew its holdings in shares of Rio Tinto Group by 2.9% during the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company's stock worth $1,247,475,000 after buying an additional 485,731 shares during the last quarter. Barclays PLC increased its position in Rio Tinto Group by 225.6% in the 3rd quarter. Barclays PLC now owns 335,637 shares of the mining company's stock valued at $23,888,000 after acquiring an additional 232,539 shares during the period. Finally, Northwest Bancshares Inc. purchased a new stake in Rio Tinto Group during the 3rd quarter valued at approximately $1,440,000. 19.33% of the stock is owned by institutional investors and hedge funds.

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.