Gabelli Funds LLC Decreases Stake in Rio Tinto Group (NYSE:RIO)

Gabelli Funds LLC reduced its position in Rio Tinto Group (NYSE:RIO) by 2.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 340,500 shares of the mining company’s stock after selling 8,500 shares during the period. Gabelli Funds LLC’s holdings in Rio Tinto Group were worth $25,354,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in shares of Rio Tinto Group by 41.0% in the third quarter. Wellington Management Group LLP now owns 23,193,773 shares of the mining company’s stock valued at $1,476,052,000 after purchasing an additional 6,748,799 shares in the last quarter. SPX Gestao de Recursos Ltda lifted its holdings in shares of Rio Tinto Group by 560.8% in the fourth quarter. SPX Gestao de Recursos Ltda now owns 791,933 shares of the mining company’s stock worth $58,967,000 after buying an additional 672,095 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Rio Tinto Group by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 16,045,541 shares of the mining company’s stock worth $1,194,751,000 after buying an additional 475,329 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Rio Tinto Group by 191.3% in the fourth quarter. Van ECK Associates Corp now owns 715,829 shares of the mining company’s stock valued at $53,301,000 after acquiring an additional 470,073 shares during the period. Finally, Qube Research & Technologies Ltd grew its stake in Rio Tinto Group by 160.2% during the third quarter. Qube Research & Technologies Ltd now owns 581,714 shares of the mining company’s stock valued at $37,020,000 after acquiring an additional 358,121 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RIO shares. StockNews.com raised shares of Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, May 21st. Citigroup cut Rio Tinto Group from a “buy” rating to a “neutral” rating in a research report on Monday, May 20th. Finally, Liberum Capital reaffirmed a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Rio Tinto Group Stock Down 0.3 %

RIO traded down $0.22 during trading on Wednesday, reaching $68.09. The stock had a trading volume of 2,125,134 shares, compared to its average volume of 2,882,962. The company has a quick ratio of 1.17, a current ratio of 1.69 and a debt-to-equity ratio of 0.23. The business has a 50-day moving average of $68.33 and a 200-day moving average of $68.44. Rio Tinto Group has a one year low of $58.27 and a one year high of $75.09.

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.