Meritage Portfolio Management Decreases Position in Rio Tinto Group (NYSE:RIO)

Meritage Portfolio Management reduced its stake in Rio Tinto Group (NYSE:RIO) by 4.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,471 shares of the mining company’s stock after selling 1,576 shares during the period. Meritage Portfolio Management’s holdings in Rio Tinto Group were worth $2,667,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. grew its position in shares of Rio Tinto Group by 55.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company’s stock valued at $26,000 after buying an additional 148 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of Rio Tinto Group by 4.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 15,648 shares of the mining company’s stock worth $997,000 after purchasing an additional 642 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Rio Tinto Group by 65.2% in the 1st quarter. SG Americas Securities LLC now owns 16,416 shares of the mining company’s stock valued at $1,046,000 after purchasing an additional 6,480 shares during the last quarter. Inspire Advisors LLC boosted its position in shares of Rio Tinto Group by 10.6% in the 1st quarter. Inspire Advisors LLC now owns 9,214 shares of the mining company’s stock valued at $587,000 after purchasing an additional 881 shares during the period. Finally, QRG Capital Management Inc. boosted its position in shares of Rio Tinto Group by 57.6% in the 1st quarter. QRG Capital Management Inc. now owns 69,168 shares of the mining company’s stock valued at $4,409,000 after purchasing an additional 25,274 shares during the period. Institutional investors and hedge funds own 19.33% of the company’s stock.

Analyst Ratings Changes

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

Rio Tinto Group Price Performance

NYSE:RIO opened at $64.43 on Monday. The company has a current ratio of 1.70, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The firm’s fifty day moving average price is $65.40 and its 200 day moving average price is $66.28. Rio Tinto Group has a 1-year low of $59.35 and a 1-year high of $75.09.

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.