abrdn plc Sells 2,700 Shares of Rio Tinto Group (NYSE:RIO)

abrdn plc reduced its position in Rio Tinto Group (NYSE:RIO) by 1.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 202,300 shares of the mining company’s stock after selling 2,700 shares during the quarter. abrdn plc’s holdings in Rio Tinto Group were worth $14,398,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of RIO. Nisa Investment Advisors LLC grew its stake in Rio Tinto Group by 49.1% during the third quarter. Nisa Investment Advisors LLC now owns 820 shares of the mining company’s stock worth $58,000 after purchasing an additional 270 shares during the period. FCG Investment Co boosted its holdings in shares of Rio Tinto Group by 42.4% during the 3rd quarter. FCG Investment Co now owns 28,845 shares of the mining company’s stock worth $2,053,000 after buying an additional 8,594 shares in the last quarter. Modera Wealth Management LLC grew its position in shares of Rio Tinto Group by 5.0% during the 3rd quarter. Modera Wealth Management LLC now owns 70,578 shares of the mining company’s stock worth $5,023,000 after buying an additional 3,388 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in shares of Rio Tinto Group by 27.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 59,933 shares of the mining company’s stock valued at $4,265,000 after acquiring an additional 12,861 shares in the last quarter. Finally, NorthCrest Asset Manangement LLC acquired a new position in shares of Rio Tinto Group during the 3rd quarter valued at $413,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Group Stock Up 0.7 %

Shares of Rio Tinto Group stock opened at $65.32 on Friday. Rio Tinto Group has a 52 week low of $59.35 and a 52 week high of $75.09. 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 business has a 50 day moving average price of $65.19 and a 200-day moving average price of $66.33.

Wall Street Analysts Forecast Growth

Several equities research 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 Friday, September 6th. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. HSBC raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Finally, Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Four analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy”.

About Rio Tinto Group

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.