Grassi Investment Management Reduces Holdings in Rio Tinto Group (NYSE:RIO)

Grassi Investment Management lowered its holdings in Rio Tinto Group (NYSE:RIO) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 197,004 shares of the mining company’s stock after selling 1,750 shares during the period. Rio Tinto Group makes up about 1.0% of Grassi Investment Management’s holdings, making the stock its 27th biggest position. Grassi Investment Management’s holdings in Rio Tinto Group were worth $11,586,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Bank of Montreal Can raised its holdings in Rio Tinto Group by 237.0% during the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after acquiring an additional 1,738,752 shares during the period. Fisher Asset Management LLC raised its stake in shares of Rio Tinto Group by 2.9% during the 3rd quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after purchasing an additional 485,731 shares during the period. Mediolanum International Funds Ltd bought a new stake in shares of Rio Tinto Group during the 3rd quarter valued at $33,590,000. SPX Gestao de Recursos Ltda lifted its holdings in Rio Tinto Group by 1,773.2% during the 3rd quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock worth $30,384,000 after purchasing an additional 404,131 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Rio Tinto Group by 78.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 858,050 shares of the mining company’s stock worth $56,565,000 after purchasing an additional 376,778 shares during the period. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Price Performance

RIO stock traded up $0.68 during midday trading on Monday, reaching $59.52. The company had a trading volume of 1,937,431 shares, compared to its average volume of 2,920,574. The firm has a 50-day moving average price of $61.51 and a 200-day moving average price of $63.74. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. The company has a market capitalization of $74.57 billion, a P/E ratio of 8.64, a P/E/G ratio of 0.38 and a beta of 0.66. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. Jefferies Financial Group lowered their target price on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. StockNews.com lowered shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 12th. Finally, Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

About Rio Tinto Group

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.