5 Value Stocks to Buy in 2022 According to Ken Fisher

3. Rio Tinto Group (NYSE:RIO)

Fisher Asset Management’s Stake Value: $1 billion

Number of Hedge Fund Holders: 22

P/E Ratio: 6

Rio Tinto Group (NYSE:RIO) is an Anglo-Australian global mining company headquartered in London, United Kingdom. It is the third largest mining company in the world behind BHP. The company is one of the world leaders in the production of several commodities like iron ore, uranium and copper among others. Rio Tinto primarily works in mineral mining but its refining business is also quite significant. Fisher Asset Management is the leading stakeholder in the company as of the first quarter of 2022. The stock has a dividend yield of 9% as of May 26.

On April 20, Citi analyst Ephrem Ravi raised the price target of Rio Tinto to $88, up from $74 and upgraded the rating to ‘Buy’ from ‘Neutral’. Ravi said that although Rio Tinto’s March quarter production was softer than what was anticipated, 2022 guidance on both production as well as costs has been maintained. He has raised iron ore price forecasts while upgrading his 2022 and 2023 earnings forecasts “substantially” as a result.