Pitcairn Co. Trims Stock Position in Rio Tinto Group (NYSE:RIO)

Pitcairn Co. trimmed its holdings in shares of Rio Tinto Group (NYSE:RIO) by 7.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,592 shares of the mining company’s stock after selling 1,621 shares during the period. Pitcairn Co.’s holdings in Rio Tinto Group were worth $1,394,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of RIO. Bank of Montreal Can raised its stake in shares of 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 worth $164,493,000 after buying an additional 1,738,752 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in shares of Rio Tinto Group during the 2nd quarter worth approximately $48,129,000. Mediolanum International Funds Ltd purchased a new position in shares of Rio Tinto Group during the 3rd quarter worth approximately $33,590,000. Palliser Capital UK Ltd raised its stake in shares of Rio Tinto Group by 690.6% during the 2nd quarter. Palliser Capital UK Ltd now owns 499,675 shares of the mining company’s stock worth $32,944,000 after buying an additional 436,475 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Rio Tinto Group by 78.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 858,050 shares of the mining company’s stock worth $56,565,000 after buying an additional 376,778 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RIO. StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, November 12th. Macquarie restated a “neutral” rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. Royal Bank of Canada upgraded Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. Finally, Berenberg Bank upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

Shares of NYSE:RIO opened at $62.35 on Friday. The business’s fifty day moving average price is $65.57 and its two-hundred day moving average price is $65.81. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a one year low of $59.35 and a one year high of $75.09.

Rio Tinto Group Profile

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.