State Street Corp Reduces Stock Holdings in Rio Tinto Group (NYSE:RIO)

State Street Corp trimmed its stake in Rio Tinto Group (NYSE:RIO) by 12.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,019 shares of the mining company’s stock after selling 584 shares during the period. State Street Corp’s holdings in Rio Tinto Group were worth $286,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Winch Advisory Services LLC purchased a new position in Rio Tinto Group during the third quarter valued at approximately $26,000. GHP Investment Advisors Inc. bought a new stake in shares of Rio Tinto Group during the 2nd quarter valued at $26,000. FSC Wealth Advisors LLC purchased a new position in shares of Rio Tinto Group during the 3rd quarter valued at $28,000. Sound Income Strategies LLC boosted its holdings in Rio Tinto Group by 70.9% in the 3rd quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock worth $30,000 after buying an additional 173 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in Rio Tinto Group in the 3rd quarter worth $38,000. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Rio Tinto Group Trading Down 0.3 %

Shares of RIO stock opened at $58.60 on Friday. The stock has a market capitalization of $73.42 billion, a price-to-earnings ratio of 8.51, a price-to-earnings-growth ratio of 0.38 and a beta of 0.65. The stock’s 50-day moving average price is $62.37 and its 200-day moving average price is $64.11. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Rio Tinto Group has a 12-month low of $58.19 and a 12-month high of $74.24.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RIO. Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th. Finally, Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

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.