5 Best Nickel Stocks to Buy Now

3. Rio Tinto Group (NYSE:RIO)

Number of Hedge Fund Holders: 27 

Rio Tinto Group (NYSE:RIO) engages in exploring, mining, and processing mineral resources worldwide. On December 12, investment advisory JPMorgan upgraded Rio Tinto Group (NYSE:RIO) stock to Overweight from Neutral and raised the price target to GBP 7,000 from GBP 6,310.

Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Rio Tinto Group (NYSE:RIO) with 15 million shares worth more than $990 million. 

In its Q1 2023 investor letter, Harding Loevner, an asset management firm, highlighted a few stocks and Rio Tinto Group (NYSE:RIO) was one of them. Here is what the fund said:

“In terms of geographical performance, the eurozone emerged as the top-performing region, and our stocks did better still, fueled by the strong performance of Infineon, L’Oréal, and Schneider Electric. EMs, which lagged the index, were boosted by the improving outlook for semiconductor companies TSMC and Samsung. Mexico’s FEMSA also contributed strongly to relative returns. Europe ex EMU was the weakest region primarily due to the underperformance of SE Banken and UK miner Rio Tinto Group (NYSE:RIO). The latter was affected by concerns over softer iron ore pricing in the current year, another reflection of manufacturing weakness in steelmaking giant China.”