The Manufacturers Life Insurance Company Has $8.51 Million Stock Holdings in Rio Tinto Group (NYSE:RIO)

The Manufacturers Life Insurance Company lowered its stake in Rio Tinto Group (NYSE:RIO) by 10.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 119,573 shares of the mining company’s stock after selling 14,687 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Rio Tinto Group were worth $8,510,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Armstrong Advisory Group Inc. boosted its holdings in Rio Tinto Group by 9.6% during the third quarter. Armstrong Advisory Group Inc. now owns 1,808 shares of the mining company’s stock worth $129,000 after buying an additional 159 shares during the last quarter. Eagle Bluffs Wealth Management LLC boosted its stake in Rio Tinto Group by 1.1% during the 2nd quarter. Eagle Bluffs Wealth Management LLC now owns 14,997 shares of the mining company’s stock worth $989,000 after acquiring an additional 163 shares during the last quarter. Sound Income Strategies LLC grew its holdings in Rio Tinto Group by 70.9% during the third quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock valued at $30,000 after purchasing an additional 173 shares during the period. Concurrent Investment Advisors LLC grew its holdings in Rio Tinto Group by 4.3% during the third quarter. Concurrent Investment Advisors LLC now owns 4,261 shares of the mining company’s stock valued at $303,000 after purchasing an additional 175 shares during the period. Finally, Fiduciary Financial Group LLC increased its stake in Rio Tinto Group by 3.7% in the third quarter. Fiduciary Financial Group LLC now owns 4,945 shares of the mining company’s stock valued at $330,000 after purchasing an additional 178 shares in the last quarter. 19.33% of the stock is currently owned by institutional investors.

Rio Tinto Group Stock Performance

RIO opened at $63.51 on Wednesday. The business’s 50-day moving average price is $65.36 and its two-hundred day moving average price is $65.39. Rio Tinto Group has a 1 year low of $59.35 and a 1 year 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.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RIO shares. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com downgraded Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, November 12th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus 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.