Forbes J M & Co. LLP Cuts Stock Position in Rio Tinto Group (NYSE:RIO)

Forbes J M & Co. LLP lessened its stake in shares of Rio Tinto Group (NYSE:RIOFree Report) by 2.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,156 shares of the mining company’s stock after selling 2,665 shares during the quarter. Forbes J M & Co. LLP’s holdings in Rio Tinto Group were worth $5,683,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of RIO. Wellington Management Group LLP raised its stake in shares of Rio Tinto Group by 41.0% during the third quarter. Wellington Management Group LLP now owns 23,193,773 shares of the mining company’s stock worth $1,476,052,000 after purchasing an additional 6,748,799 shares during the last quarter. SPX Gestao de Recursos Ltda raised its stake in shares of Rio Tinto Group by 560.8% during the fourth quarter. SPX Gestao de Recursos Ltda now owns 791,933 shares of the mining company’s stock worth $58,967,000 after purchasing an additional 672,095 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Rio Tinto Group by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 16,045,541 shares of the mining company’s stock worth $1,194,751,000 after acquiring an additional 475,329 shares during the period. Van ECK Associates Corp grew its holdings in Rio Tinto Group by 191.3% during the fourth quarter. Van ECK Associates Corp now owns 715,829 shares of the mining company’s stock worth $53,301,000 after acquiring an additional 470,073 shares during the period. Finally, Qube Research & Technologies Ltd grew its holdings in Rio Tinto Group by 160.2% during the third quarter. Qube Research & Technologies Ltd now owns 581,714 shares of the mining company’s stock worth $37,020,000 after acquiring an additional 358,121 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

Rio Tinto Group stock traded down $0.52 during trading hours on Friday, hitting $66.40. The stock had a trading volume of 1,805,813 shares, compared to its average volume of 1,762,103. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 1-year low of $58.27 and a 1-year high of $75.09. The stock’s fifty day moving average is $68.84 and its two-hundred day moving average is $68.24.

Analysts Set New Price Targets

RIO has been the topic of a number of recent analyst reports. Citigroup lowered Rio Tinto Group from a “buy” rating to a “neutral” rating in a report on Monday, May 20th. StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 21st. Finally, Liberum Capital reaffirmed a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Read Our Latest Analysis on Rio Tinto Group

Rio Tinto Group Company Profile

(Free Report)

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.

See Also

Institutional Ownership by Quarter for Rio Tinto Group (NYSE:RIO)

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