Parsons Capital Management Inc. RI Lowers Stock Holdings in Rio Tinto Group (NYSE:RIO)

Parsons Capital Management Inc. RI lowered its position in Rio Tinto Group (NYSE:RIO - Free Report) by 50.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 26,625 shares of the mining company's stock after selling 27,345 shares during the period. Parsons Capital Management Inc. RI's holdings in Rio Tinto Group were worth $1,566,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Mount Yale Investment Advisors LLC raised its position in Rio Tinto Group by 2.0% in the 4th quarter. Mount Yale Investment Advisors LLC now owns 10,191 shares of the mining company's stock valued at $599,000 after buying an additional 200 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of Rio Tinto Group in the 4th quarter worth $1,140,000. Blue Trust Inc. grew its stake in shares of Rio Tinto Group by 29.2% in the 4th quarter. Blue Trust Inc. now owns 16,695 shares of the mining company's stock worth $982,000 after acquiring an additional 3,770 shares in the last quarter. Kingswood Wealth Advisors LLC purchased a new stake in shares of Rio Tinto Group in the fourth quarter valued at about $358,000. Finally, PFG Investments LLC lifted its position in shares of Rio Tinto Group by 18.5% during the fourth quarter. PFG Investments LLC now owns 4,194 shares of the mining company's stock valued at $247,000 after purchasing an additional 655 shares in the last quarter. Institutional investors and hedge funds own 19.33% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on RIO. StockNews.com cut shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Berenberg Bank upgraded Rio Tinto Group from a "hold" rating to a "buy" rating in a report on Wednesday, October 2nd. Macquarie restated a "neutral" rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Finally, Jefferies Financial Group lowered their target price 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. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Rio Tinto Group has a consensus rating of "Moderate Buy" and a consensus target price of $73.00.

Rio Tinto Group Trading Down 3.4 %

NYSE:RIO traded down $2.13 on Tuesday, reaching $59.84. 5,131,452 shares of the company's stock were exchanged, compared to its average volume of 3,667,582. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. The stock has a fifty day simple moving average of $61.01 and a 200-day simple moving average of $63.28. Rio Tinto Group has a 52 week low of $57.85 and a 52 week high of $74.24.

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.