Confluence Investment Management LLC Reduces Stake in Rio Tinto Group (NYSE:RIO)

Confluence Investment Management LLC lessened its stake in shares of Rio Tinto Group (NYSE:RIO) by 51.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 8,343 shares of the mining company’s stock after selling 8,752 shares during the period. Confluence Investment Management LLC’s holdings in Rio Tinto Group were worth $594,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. increased its position in Rio Tinto Group by 55.4% during the first quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company’s stock worth $26,000 after purchasing an additional 148 shares during the last quarter. GHP Investment Advisors Inc. acquired a new stake in shares of Rio Tinto Group during the 2nd quarter worth approximately $26,000. Winch Advisory Services LLC purchased a new stake in shares of Rio Tinto Group during the 3rd quarter valued at approximately $26,000. FSC Wealth Advisors LLC acquired a new position in Rio Tinto Group in the third quarter valued at approximately $28,000. Finally, Sound Income Strategies LLC grew its position in Rio Tinto Group by 70.9% in the third quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock worth $30,000 after acquiring an additional 173 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Trading Down 4.5 %

Shares of RIO opened at $64.43 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. The company’s 50-day simple moving average is $65.40 and its 200-day simple moving average is $66.29. Rio Tinto Group has a 1 year low of $59.35 and a 1 year high of $75.09.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 6th. Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Hsbc Global Res raised shares of Rio Tinto Group to a “strong-buy” rating in a research report on Tuesday, July 23rd. Finally, Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Rio Tinto Group presently has an average 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.