Golden State Wealth Management LLC Invests $47,000 in Rio Tinto Group (NYSE:RIO)

Golden State Wealth Management LLC purchased a new stake in shares of Rio Tinto Group (NYSE:RIO) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 800 shares of the mining company’s stock, valued at approximately $47,000.

Several other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC purchased a new stake in Rio Tinto Group during the second quarter valued at $518,000. Sound Income Strategies LLC increased its holdings in shares of Rio Tinto Group by 70.9% in the 3rd quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock worth $30,000 after buying an additional 173 shares during the last quarter. Armstrong Advisory Group Inc. raised its position in shares of Rio Tinto Group by 9.6% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 1,808 shares of the mining company’s stock valued at $129,000 after buying an additional 159 shares in the last quarter. Creative Planning lifted its holdings in shares of Rio Tinto Group by 4.4% in the 3rd quarter. Creative Planning now owns 80,160 shares of the mining company’s stock valued at $5,705,000 after acquiring an additional 3,413 shares during the last quarter. Finally, NBC Securities Inc. grew its position in Rio Tinto Group by 24.2% in the third quarter. NBC Securities Inc. now owns 1,207 shares of the mining company’s stock worth $85,000 after acquiring an additional 235 shares in the last quarter. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RIO. Jefferies Financial Group decreased their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 25th. Finally, Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Rio Tinto Group has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Price Performance

Shares of RIO stock opened at $61.65 on Wednesday. The stock has a 50 day moving average price of $60.70 and a 200 day moving average price of $62.98. Rio Tinto Group has a 52-week low of $57.85 and a 52-week high of $74.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16.

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.