Pinnacle Associates Ltd. Purchases 4,941 Shares of Rio Tinto Group (NYSE:RIO)

Pinnacle Associates Ltd. raised its position in Rio Tinto Group (NYSE:RIO) by 10.6% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 51,563 shares of the mining company’s stock after buying an additional 4,941 shares during the period. Pinnacle Associates Ltd.’s holdings in Rio Tinto Group were worth $3,839,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of RIO. Bank of Montreal Can boosted its position in Rio Tinto Group by 237.0% in the 2nd 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. National Bank of Canada FI boosted its position in Rio Tinto Group by 296.2% in the 1st quarter. National Bank of Canada FI now owns 1,022,765 shares of the mining company’s stock valued at $71,382,000 after buying an additional 764,635 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 shares of Rio Tinto Group in the 2nd quarter worth $48,129,000. Mediolanum International Funds Ltd bought a new position in shares of Rio Tinto Group in the 3rd quarter worth $33,590,000. Finally, Palliser Capital UK Ltd boosted its position in shares of Rio Tinto Group by 690.6% in the 2nd quarter. Palliser Capital UK Ltd now owns 499,675 shares of the mining company’s stock worth $32,944,000 after purchasing an additional 436,475 shares during the last quarter. 19.33% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on RIO. Berenberg Bank upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Hsbc Global Res upgraded Rio Tinto Group to a “strong-buy” rating in a research report on Tuesday, July 23rd. Royal Bank of Canada raised Rio Tinto Group to a “hold” rating in a research note on Wednesday, July 31st. Finally, Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

RIO opened at $64.89 on Friday. The business’s 50-day moving average price is $65.15 and its two-hundred day moving average price is $66.34. 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.

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.