Meritage Portfolio Management Cuts Position in Rio Tinto Group (NYSE:RIO)

Meritage Portfolio Management trimmed its holdings in shares of Rio Tinto Group (NYSE:RIO) by 6.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,196 shares of the mining company’s stock after selling 2,275 shares during the period. Meritage Portfolio Management’s holdings in Rio Tinto Group were worth $2,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RIO. Palliser Capital UK Ltd increased its position in Rio Tinto Group by 213.8% in the 4th quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after acquiring an additional 674,117 shares during the period. Fisher Asset Management LLC boosted 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 worth $1,247,475,000 after acquiring an additional 485,731 shares in the last quarter. Mediolanum International Funds Ltd purchased a new position in shares of Rio Tinto Group in the third quarter valued at $33,590,000. SPX Gestao de Recursos Ltda raised its position in Rio Tinto Group by 1,773.2% during the third quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock worth $30,384,000 after acquiring an additional 404,131 shares during the last quarter. Finally, FMR LLC lifted its stake in Rio Tinto Group by 35.1% in the 3rd quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock valued at $98,340,000 after buying an additional 358,630 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Group Stock Up 0.3 %

RIO opened at $61.37 on Thursday. The business has a 50 day moving average price of $60.75 and a two-hundred day moving average price of $63.03. Rio Tinto Group has a 1-year low of $57.85 and a 1-year high of $74.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70.

Wall Street Analyst Weigh In

Several research firms have commented on RIO. StockNews.com cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 25th. Jefferies Financial Group reduced their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Four equities research 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average 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.