Bank Pictet & Cie Europe AG Reduces Holdings in Rio Tinto Group (NYSE:RIO)

Bank Pictet & Cie Europe AG lowered its position in Rio Tinto Group (NYSE:RIO) by 4.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,255 shares of the mining company’s stock after selling 1,260 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Rio Tinto Group were worth $1,485,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Vontobel Holding Ltd. grew its holdings in Rio Tinto Group by 3.4% during the 4th quarter. Vontobel Holding Ltd. now owns 9,212 shares of the mining company’s stock valued at $542,000 after purchasing an additional 302 shares during the last quarter. Naples Global Advisors LLC boosted its position in shares of Rio Tinto Group by 3.6% during the fourth quarter. Naples Global Advisors LLC now owns 100,098 shares of the mining company’s stock valued at $5,887,000 after buying an additional 3,461 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Rio Tinto Group by 118.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 99,853 shares of the mining company’s stock valued at $5,868,000 after buying an additional 54,130 shares during the last quarter. Avidian Wealth Enterprises LLC raised its holdings in shares of Rio Tinto Group by 8.5% in the fourth quarter. Avidian Wealth Enterprises LLC now owns 6,079 shares of the mining company’s stock worth $357,000 after buying an additional 476 shares during the period. Finally, Capital Advisors Inc. OK lifted its stake in shares of Rio Tinto Group by 26.2% during the 4th quarter. Capital Advisors Inc. OK now owns 410,037 shares of the mining company’s stock worth $24,114,000 after acquiring an additional 85,034 shares during the last quarter. Institutional investors own 19.33% of the company’s stock.

Rio Tinto Group Stock Up 0.1 %

Shares of RIO stock opened at $63.38 on Friday. 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 twelve month low of $57.85 and a twelve month high of $74.24. The stock has a fifty day simple moving average of $60.63 and a two-hundred day simple moving average of $62.95.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RIO. StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research note on Friday. Jefferies Financial Group decreased their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a report on Monday, January 6th. Four research analysts have rated the stock with a hold rating, three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Rio Tinto Group currently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

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.