PNC Financial Services Group Inc. Sells 1,205 Shares of Rio Tinto Group (NYSE:RIO)

PNC Financial Services Group Inc. cut its position in shares of Rio Tinto Group (NYSE:RIO) by 2.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,819 shares of the mining company’s stock after selling 1,205 shares during the period. PNC Financial Services Group Inc.’s holdings in Rio Tinto Group were worth $3,546,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RIO. Bank of Montreal Can boosted its stake in Rio Tinto Group by 237.0% during the second 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 bought a new position in Rio Tinto Group in the second quarter worth approximately $48,129,000. Mediolanum International Funds Ltd bought a new position in Rio Tinto Group in the third quarter worth approximately $33,590,000. Palliser Capital UK Ltd boosted its position in Rio Tinto Group by 690.6% during the 2nd quarter. Palliser Capital UK Ltd now owns 499,675 shares of the mining company’s stock valued at $32,944,000 after acquiring an additional 436,475 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Rio Tinto Group by 78.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 858,050 shares of the mining company’s stock valued at $56,565,000 after acquiring an additional 376,778 shares in the last quarter. 19.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Rio Tinto Group Trading Down 0.4 %

NYSE RIO opened at $62.35 on Monday. The stock has a 50-day simple moving average of $65.57 and a two-hundred day simple moving average of $65.79. Rio Tinto Group has a fifty-two week low of $59.35 and a fifty-two week high of $75.09. 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 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.