Rio Tinto Group (NYSE:RIO) Stock Position Lowered by Grove Bank & Trust

Grove Bank & Trust lessened its position in Rio Tinto Group (NYSE:RIO) by 16.6% in the 4th quarter, Holdings Channel reports. The fund owned 956 shares of the mining company’s stock after selling 190 shares during the period. Grove Bank & Trust’s holdings in Rio Tinto Group were worth $56,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Bank of Montreal Can lifted its position in shares of Rio Tinto Group by 237.0% in 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 in the last quarter. Philip James Wealth Mangement LLC purchased a new stake in shares of Rio Tinto Group in the 3rd quarter valued at approximately $1,345,000. Fisher Asset Management LLC lifted its position in shares of Rio Tinto Group by 2.9% in 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 acquiring an additional 485,731 shares in the last quarter. Barclays PLC lifted its position in shares of Rio Tinto Group by 225.6% in the 3rd quarter. Barclays PLC now owns 335,637 shares of the mining company’s stock valued at $23,888,000 after acquiring an additional 232,539 shares in the last quarter. Finally, Northwest Bancshares Inc. purchased a new stake in shares of Rio Tinto Group in the 3rd quarter valued at approximately $1,440,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Stock Performance

Shares of RIO opened at $61.00 on Tuesday. Rio Tinto Group has a 12 month low of $57.85 and a 12 month high of $74.24. The company’s fifty day moving average is $60.98 and its 200-day moving average is $63.53. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70.

Analysts Set New Price Targets

Several research firms have weighed in on RIO. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday. Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Berenberg Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Finally, Jefferies Financial Group dropped their price objective 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. Four research analysts have rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Rio Tinto Group has a consensus rating of “Moderate Buy” and a consensus target price 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.