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Top trader Najarian buys hot mining stock

A trader works on the floor of the New York Stock Exchange.
Adam Jeffery | CNBC
A trader works on the floor of the New York Stock Exchange.

CNBC "Halftime Report" trader Jon Najarian bought shares of Rio Tinto in his model portfolio in order to ride the coattails of what he believes are big institutional investors piling into shares of the global mining giant.

Rio Tinto's stock has rallied more than 16 percent in the past month, rebounding from a seven-year low reached on Jan. 19.

Najarian sold shares this week of Ingersoll-Rand, ConocoPhillips and Devon Energy, looking to take profits after rallies in the stocks lifted his model portfolio to a 9 percent gain for the year, compared with a 2 percent loss for the S&P 500.

Here's how the options trader is positioned on RIO:

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