Todd Asset Management LLC cut its position in Rio Tinto Group (NYSE:RIO – Get Rating) by 1.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 990,366 shares of the mining company's stock after selling 12,395 shares during the period. Rio Tinto Group accounts for 1.5% of Todd Asset Management LLC's holdings, making the stock its 7th largest position. Todd Asset Management LLC owned about 0.08% of Rio Tinto Group worth $54,529,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Castle Wealth Management LLC acquired a new position in Rio Tinto Group during the second quarter worth $26,000. Tortoise Investment Management LLC acquired a new position in Rio Tinto Group during the second quarter worth $27,000. Twin Lakes Capital Management LLC acquired a new position in Rio Tinto Group during the third quarter worth $28,000. Larson Financial Group LLC acquired a new position in Rio Tinto Group during the second quarter worth $33,000. Finally, Ronald Blue Trust Inc. acquired a new position in Rio Tinto Group during the second quarter worth $50,000. Institutional investors and hedge funds own 10.43% of the company's stock.
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Rio Tinto Group Trading Down 0.6 %
Shares of RIO stock traded down $0.44 on Friday, hitting $74.71. The stock had a trading volume of 3,001,977 shares, compared to its average volume of 2,922,297. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.79 and a quick ratio of 1.34. Rio Tinto Group has a 1 year low of $50.92 and a 1 year high of $84.69. The company's 50 day moving average price is $73.28 and its 200-day moving average price is $63.29.
Wall Street Analyst Weigh In
A number of research firms have weighed in on RIO. Barclays raised Rio Tinto Group from an "underweight" rating to an "equal weight" rating in a research note on Thursday, January 12th. JPMorgan Chase & Co. lifted their target price on Rio Tinto Group from GBX 5,310 ($65.58) to GBX 5,380 ($66.44) in a research report on Wednesday, January 18th. Deutsche Bank Aktiengesellschaft lifted their target price on Rio Tinto Group from GBX 5,800 ($71.63) to GBX 6,200 ($76.57) in a research report on Tuesday, January 10th. CLSA downgraded Rio Tinto Group from an "outperform" rating to an "underperform" rating in a research report on Tuesday, January 17th. Finally, Berenberg Bank upgraded Rio Tinto Group from a "sell" rating to a "buy" rating in a research report on Thursday, January 12th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $5,790.00.
About Rio Tinto Group
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Rio Tinto Plc engages in the exploration, mining, and processing of mineral resources. It operates through the following business segments: Iron Ore, Aluminium, Copper and Diamonds, Energy and Minerals, and Other Operations. The Iron Ore segment supplies global seaborne iron ore trade. The Aluminium segment produces bauxite, alumina and primary aluminum.
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