5 Undervalued Stocks in Ken Fisher’s 2022 Portfolio

3. Rio Tinto Group (NYSE:RIO)

Fisher Asset Management’s Stake Value: $1,135,966,000

Percentage of Fisher Asset Management’s 13F Portfolio: 0.67% 

PE Ratio as of June 14: 5.93

Number of Hedge Fund Holders: 26

Hedge funds are bullish on Rio Tinto Group (NYSE:RIO). At the close of Q1 2022, 26 hedge funds held stakes in the company worth $2.54 billion. This is compared to 22 positions in the previous quarter with stakes worth $1.83 billion. The hedge fund sentiment for the stock is positive.

On June 8, Rio Tinto Group (NYSE:RIO) announced that it is actively seeking proposals to develop large-scale wind and solar power facilities in Central and Southern Queensland to support its aluminum properties in the region: the Boyne smelter, the Yarwun alumina refinery, and the Queensland Alumina refinery. The company believes this will facilitate meeting its green-energy goals of achieving carbon neutrality by 2050. The company’s mineral assets in the region require 1140 megawatts of uninterrupted power to operate, which is the same as 4000 megawatts of reliable wind or solar power.

As of June 14, Rio Tinto Group (NYSE:RIO) has returned 4.45% to investors over the past six months and has a forward dividend yield of 12.12% along with a PE ratio of 5.93.

On June 7, Jefferies analyst Christopher LaFemina upgraded Rio Tinto Group (NYSE:RIO) to Buy from Hold and raised his price target to $93, up from $92.

As of March 31, Fisher Asset Management is the most bullish hedge fund on Rio Tinto Group (NYSE:RIO) owning over 14.12 million shares of the company. The fund’s stakes in Rio Tinto Group (NYSE:RIO) were valued at $1.13 billion, up 5% from its Q4 2021 stakes.