Cidel Asset Management Inc. Sells 5,318 Shares of Rio Tinto Group (NYSE:RIO)

Cidel Asset Management Inc. trimmed its position in Rio Tinto Group (NYSE:RIO - Free Report) by 4.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 123,885 shares of the mining company's stock after selling 5,318 shares during the quarter. Cidel Asset Management Inc.'s holdings in Rio Tinto Group were worth $7,286,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Fisher Asset Management LLC increased its holdings in shares of Rio Tinto Group by 2.9% during the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company's stock worth $1,247,475,000 after buying an additional 485,731 shares in the last quarter. FMR LLC increased its holdings in shares of Rio Tinto Group by 35.1% during the third quarter. FMR LLC now owns 1,381,766 shares of the mining company's stock worth $98,340,000 after buying an additional 358,630 shares in the last quarter. Palliser Capital UK Ltd increased its holdings in shares of Rio Tinto Group by 213.8% during the fourth quarter. Palliser Capital UK Ltd now owns 989,417 shares of the mining company's stock worth $58,188,000 after buying an additional 674,117 shares in the last quarter. 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 worth $66,341,000 after buying an additional 83,569 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Rio Tinto Group by 10.7% during the third quarter. Van ECK Associates Corp now owns 693,102 shares of the mining company's stock worth $49,328,000 after buying an additional 67,213 shares in the last quarter. 19.33% of the stock is owned by institutional investors.

Rio Tinto Group Stock Performance

RIO traded up $0.37 during trading on Wednesday, reaching $62.02. 1,807,090 shares of the stock traded hands, compared to its average volume of 3,199,848. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. The stock's 50-day moving average is $60.66 and its 200 day moving average is $62.96. Rio Tinto Group has a 12 month low of $57.85 and a 12 month high of $74.24.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. StockNews.com cut shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, January 25th. Macquarie reissued a "neutral" rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Finally, Jefferies Financial Group reduced their price objective on shares of 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. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Rio Tinto Group presently has a consensus rating of "Moderate Buy" and an average price target of $73.00.

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.