DAVENPORT & Co LLC Has $1.85 Million Position in Rio Tinto Group (NYSE:RIO)

DAVENPORT & Co LLC cut its stake in shares of Rio Tinto Group (NYSE:RIO) by 1.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 31,431 shares of the mining company’s stock after selling 325 shares during the quarter. DAVENPORT & Co LLC’s holdings in Rio Tinto Group were worth $1,848,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RIO. Fisher Asset Management LLC grew its stake in shares of Rio Tinto Group by 2.9% in the 3rd quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after buying an additional 485,731 shares during the period. FMR LLC boosted its holdings in Rio Tinto Group by 35.1% in the third quarter. FMR LLC now owns 1,381,766 shares of the mining company’s stock worth $98,340,000 after acquiring an additional 358,630 shares in the last quarter. Palliser Capital UK Ltd grew its stake in Rio Tinto Group by 213.8% in the fourth quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company’s stock valued at $58,188,000 after acquiring an additional 674,117 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in shares of Rio Tinto Group by 9.8% during the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 932,151 shares of the mining company’s stock valued at $66,341,000 after acquiring an additional 83,569 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Rio Tinto Group by 10.7% in the 3rd quarter. Van ECK Associates Corp now owns 693,102 shares of the mining company’s stock worth $49,328,000 after purchasing an additional 67,213 shares in the last quarter. 19.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RIO has been the topic of several research analyst reports. Jefferies Financial Group dropped their price objective on Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. StockNews.com cut Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 25th. Finally, Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Rio Tinto Group presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Stock Performance

NYSE:RIO opened at $61.37 on Thursday. Rio Tinto Group has a 1 year low of $57.85 and a 1 year high of $74.24. The stock’s fifty day moving average price is $60.75 and its two-hundred day moving average price is $63.03. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70.

Rio Tinto Group Company 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.