Independent Advisor Alliance Decreases Position in Rio Tinto Group (NYSE:RIO)

Independent Advisor Alliance reduced its stake in Rio Tinto Group (NYSE:RIO) by 3.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,011 shares of the mining company’s stock after selling 1,280 shares during the period. Independent Advisor Alliance’s holdings in Rio Tinto Group were worth $2,990,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of Montreal Can grew its position 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 last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in shares of Rio Tinto Group during the second quarter worth about $48,129,000. Fisher Asset Management LLC grew its holdings in shares of Rio Tinto Group by 2.9% during the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock worth $1,247,475,000 after purchasing an additional 485,731 shares during the last quarter. Mediolanum International Funds Ltd purchased a new stake in shares of Rio Tinto Group in the 3rd quarter valued at about $33,590,000. Finally, Palliser Capital UK Ltd lifted its holdings in shares of Rio Tinto Group by 690.6% in the 2nd quarter. Palliser Capital UK Ltd now owns 499,675 shares of the mining company’s stock valued at $32,944,000 after purchasing an additional 436,475 shares during the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on RIO shares. Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. StockNews.com cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th. Royal Bank of Canada upgraded shares of Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. Finally, Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy”.

Rio Tinto Group Trading Up 1.0 %

Shares of Rio Tinto Group stock opened at $62.97 on Tuesday. 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 one year low of $59.35 and a one year high of $75.09. The firm has a fifty day moving average of $65.57 and a two-hundred day moving average of $65.74.

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.