Confluence Investment Management LLC Sells 8,752 Shares of Rio Tinto Group (NYSE:RIO)

Confluence Investment Management LLC lessened its stake in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 51.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,343 shares of the mining company's stock after selling 8,752 shares during the quarter. Confluence Investment Management LLC's holdings in Rio Tinto Group were worth $594,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Winch Advisory Services LLC acquired a new position in shares of Rio Tinto Group during the 3rd quarter valued at $26,000. GHP Investment Advisors Inc. acquired a new position in shares of Rio Tinto Group during the 2nd quarter worth $26,000. FSC Wealth Advisors LLC acquired a new stake in shares of Rio Tinto Group in the third quarter worth $28,000. Geneos Wealth Management Inc. increased its stake in shares of Rio Tinto Group by 55.4% in the first quarter. Geneos Wealth Management Inc. now owns 415 shares of the mining company's stock worth $26,000 after purchasing an additional 148 shares during the period. Finally, Sound Income Strategies LLC increased its holdings in shares of Rio Tinto Group by 70.9% during 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 period. Institutional investors and hedge funds own 19.33% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RIO. HSBC raised shares of Rio Tinto Group from a "hold" rating to a "buy" rating in a research note on Tuesday, July 23rd. StockNews.com raised shares of Rio Tinto Group from a "buy" rating to a "strong-buy" rating in a research report on Friday, September 6th. Macquarie reissued a "neutral" rating on shares of Rio Tinto Group in a research note on Wednesday, October 16th. Royal Bank of Canada upgraded Rio Tinto Group to a "hold" rating in a research note on Wednesday, July 31st. Finally, Berenberg Bank raised shares of Rio Tinto Group from a "hold" rating to a "buy" rating in a research note on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy".

Rio Tinto Group Stock Down 4.5 %

NYSE:RIO traded down $3.04 during mid-day trading on Friday, reaching $64.43. The stock had a trading volume of 4,747,115 shares, compared to its average volume of 2,644,526. 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 has a 50-day simple moving average of $65.40 and a two-hundred day simple moving average of $66.28. Rio Tinto Group has a 12 month low of $59.35 and a 12 month 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.