Navellier & Associates Inc. Trims Holdings in Rio Tinto Group (NYSE:RIO)

Navellier & Associates Inc. decreased its holdings in shares of Rio Tinto Group (NYSE:RIO) by 7.1% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,358 shares of the mining company’s stock after selling 3,540 shares during the quarter. Navellier & Associates Inc.’s holdings in Rio Tinto Group were worth $3,299,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RIO. Massachusetts Financial Services Co. MA increased its holdings in shares of Rio Tinto Group by 2.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 132,141 shares of the mining company’s stock worth $9,404,000 after buying an additional 3,524 shares during the last quarter. Moors & Cabot Inc. raised its holdings in shares of Rio Tinto Group by 11.0% during the 3rd quarter. Moors & Cabot Inc. now owns 70,698 shares of the mining company’s stock valued at $5,032,000 after buying an additional 7,010 shares during the period. Advisors Asset Management Inc. lifted its position in shares of Rio Tinto Group by 11.9% during the third quarter. Advisors Asset Management Inc. now owns 79,333 shares of the mining company’s stock worth $5,646,000 after purchasing an additional 8,417 shares in the last quarter. Northwest Bancshares Inc. acquired a new stake in shares of Rio Tinto Group during the third quarter valued at about $1,440,000. Finally, Baron Wealth Management LLC purchased a new position in Rio Tinto Group in the third quarter valued at about $202,000. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

RIO opened at $62.37 on Thursday. The business has a fifty day simple moving average of $65.56 and a 200-day simple moving average of $65.91. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. Rio Tinto Group has a fifty-two week low of $59.35 and a fifty-two week high of $75.09.

Analyst Upgrades and Downgrades

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

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.