5 Best Lithium Stocks To Buy Now

3. Rio Tinto Group (NYSE:RIO)

Number of Hedge Fund Holders: 33

Rio Tinto Group (NYSE:RIO)  is focused on the exploration, mining, and processing of mineral resources worldwide. The company offers a diverse range of minerals including lithium, aluminum, copper, iron ore, diamonds, gold, borates, titanium dioxide, salt, silver, and molybdenum. Rio Tinto Group (NYSE:RIO) is one of the premier lithium stocks to monitor. 

On June 28, Rio Tinto Group (NYSE:RIO) disclosed plans to establish a battery lab in Australia to explore and study different technologies related to battery production, manufacturing, and chemistry. While Rio Tinto Group (NYSE:RIO) primarily derives its earnings from iron ore, the company aims to expand its production of commodities crucial to the clean energy transition. However, the company has no intention of becoming a commercial battery manufacturer. 

According to Insider Monkey’s first quarter database, 33 hedge funds were bullish on Rio Tinto Group (NYSE:RIO), compared to 29 funds in the prior quarter. Todd J. Kantor’s Encompass Capital Advisors is the largest stakeholder of the company, with 1.9 million shares worth $132.8 million. 

HL International Equity Strategy made the following comment about Rio Tinto Group (NYSE:RIO) in its first quarter 2023 investor letter:

“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.”