Scotia Capital Inc. Trims Stock Position in Rio Tinto Group (NYSE:RIO)

Scotia Capital Inc. cut its stake in Rio Tinto Group (NYSE:RIO) by 8.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,935 shares of the mining company’s stock after selling 7,326 shares during the quarter. Scotia Capital Inc.’s holdings in Rio Tinto Group were worth $5,877,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. NBC Securities Inc. bought a new stake in shares of Rio Tinto Group during the third quarter valued at approximately $59,000. abrdn plc purchased a new stake in shares of Rio Tinto Group in the 3rd quarter worth about $12,582,000. Jump Financial LLC bought a new position in shares of Rio Tinto Group in the 3rd quarter worth about $417,000. Atria Investments Inc increased its stake in shares of Rio Tinto Group by 11.7% in the 3rd quarter. Atria Investments Inc now owns 29,258 shares of the mining company’s stock worth $1,862,000 after acquiring an additional 3,073 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new position in Rio Tinto Group during the 3rd quarter valued at about $286,000. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Group Stock Up 0.5 %

Shares of RIO traded up $0.36 on Friday, hitting $70.10. 1,764,412 shares of the stock traded hands, compared to its average volume of 2,537,701. Rio Tinto Group has a one year low of $58.27 and a one year high of $75.09. The business has a 50 day simple moving average of $68.00 and a 200 day simple moving average of $68.42. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.69 and a quick ratio of 1.17.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 21st. Citigroup lowered Rio Tinto Group from a “buy” rating to a “neutral” rating in a research report on Monday, May 20th. Finally, Liberum Capital reiterated a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, March 5th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $72.00.

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.