Rio Tinto Group (NYSE:RIO) Stake Cut by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS reduced its position in shares of Rio Tinto Group (NYSE:RIO) by 1.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 271,344 shares of the mining company’s stock after selling 2,732 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Rio Tinto Group were worth $19,312,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in RIO. Bank of Montreal Can raised its position in shares of Rio Tinto Group by 237.0% during the second quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after buying an additional 1,738,752 shares during the last quarter. Earnest Partners LLC increased its stake in Rio Tinto Group by 1.4% in the first quarter. Earnest Partners LLC now owns 1,395,961 shares of the mining company’s stock valued at $88,979,000 after acquiring an additional 19,334 shares during the period. National Bank of Canada FI raised its holdings in shares of Rio Tinto Group by 296.2% in the 1st quarter. National Bank of Canada FI now owns 1,022,765 shares of the mining company’s stock worth $71,382,000 after buying an additional 764,635 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in shares of Rio Tinto Group by 9.8% during the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 932,151 shares of the mining company’s stock worth $66,341,000 after buying an additional 83,569 shares during the period. 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 valued at $56,565,000 after buying an additional 376,778 shares in the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

Shares of NYSE:RIO traded up $2.64 during mid-day trading on Thursday, reaching $67.97. The stock had a trading volume of 871,728 shares, compared to its average volume of 2,728,865. The firm has a 50 day simple moving average of $65.29 and a two-hundred day simple moving average of $66.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a twelve month low of $59.35 and a twelve month high of $75.09.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a report on Wednesday, July 31st. Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 23rd. Hsbc Global Res raised Rio Tinto Group to a “strong-buy” rating in a research note on Tuesday, July 23rd. Finally, Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy”.

Rio Tinto Group Company 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.