Rio Tinto Group (NYSE:RIO) Stock Position Decreased by Meritage Portfolio Management

Meritage Portfolio Management cut its holdings in Rio Tinto Group (NYSE:RIO) by 6.1% in the fourth quarter, HoldingsChannel reports. The firm owned 35,196 shares of the mining company’s stock after selling 2,275 shares during the period. Meritage Portfolio Management’s holdings in Rio Tinto Group were worth $2,070,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Armstrong Advisory Group Inc. lifted its holdings in shares of 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. Sound Income Strategies LLC grew its holdings in shares of Rio Tinto Group by 70.9% in the 3rd quarter. Sound Income Strategies LLC now owns 417 shares of the mining company’s stock worth $30,000 after purchasing an additional 173 shares during the last quarter. Concurrent Investment Advisors LLC increased its holdings in shares of 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 worth $303,000 after buying an additional 175 shares in the last quarter. Fiduciary Financial Group LLC raised its position in Rio Tinto Group by 3.7% in the 3rd 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 during the last quarter. Finally, Stonegate Investment Group LLC lifted its position in Rio Tinto Group by 3.4% during the 3rd quarter. Stonegate Investment Group LLC now owns 5,467 shares of the mining company’s stock worth $389,000 after buying an additional 179 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company’s stock.

Rio Tinto Group Price Performance

RIO opened at $61.37 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. Rio Tinto Group has a 52-week low of $57.85 and a 52-week high of $74.24. The business’s fifty day moving average is $60.75 and its 200-day moving average is $63.03.

Analysts Set New Price Targets

A number of analysts recently commented on RIO shares. Macquarie reiterated a “neutral” rating on shares of Rio Tinto Group in a research report on Wednesday, October 16th. StockNews.com lowered Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 25th. Finally, Jefferies Financial Group reduced their target price on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rio Tinto Group has a consensus rating of “Moderate Buy” and a consensus price target of $73.00.

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.