Legacy Wealth Asset Management LLC Lowers Stock Position in Rio Tinto Group (NYSE:RIO)

Legacy Wealth Asset Management LLC trimmed its stake in Rio Tinto Group (NYSE:RIO) by 2.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 7,875 shares of the mining company’s stock after selling 204 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Rio Tinto Group were worth $463,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Fisher Asset Management LLC raised its position in Rio Tinto Group by 2.9% in the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after purchasing an additional 485,731 shares during the period. Bank of Montreal Can raised its holdings in shares of Rio Tinto Group by 237.0% in the 2nd 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 period. FMR LLC lifted its stake in Rio Tinto Group by 35.1% during the 3rd quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock worth $98,340,000 after acquiring an additional 358,630 shares in the last quarter. Palliser Capital UK Ltd boosted its holdings in Rio Tinto Group by 213.8% during 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. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH grew its position in Rio Tinto Group by 9.8% in the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 932,151 shares of the mining company’s stock valued at $66,341,000 after acquiring an additional 83,569 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Group Price Performance

Shares of RIO opened at $61.00 on Friday. The firm’s fifty day simple moving average is $61.05 and its 200-day simple moving average is $63.61. Rio Tinto Group has a twelve month low of $57.85 and a twelve month 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 Analysts Forecast Growth

Several research analysts have recently commented on RIO shares. Jefferies Financial Group lowered their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, January 6th. StockNews.com upgraded shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday. Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Finally, Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $73.00.

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.