Grassi Investment Management Sells 2,100 Shares of Rio Tinto Group (NYSE:RIO)

Grassi Investment Management reduced its stake in Rio Tinto Group (NYSE:RIO) by 1.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 194,904 shares of the mining company’s stock after selling 2,100 shares during the quarter. Rio Tinto Group accounts for approximately 1.1% of Grassi Investment Management’s investment portfolio, making the stock its 27th largest holding. Grassi Investment Management’s holdings in Rio Tinto Group were worth $11,710,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Dorsey & Whitney Trust CO LLC increased its stake in shares of Rio Tinto Group by 2.0% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 8,113 shares of the mining company’s stock valued at $477,000 after purchasing an additional 160 shares during the last quarter. Capital Analysts LLC lifted its holdings in Rio Tinto Group by 6.0% during the 4th quarter. Capital Analysts LLC now owns 2,886 shares of the mining company’s stock worth $170,000 after buying an additional 163 shares during the period. Nemes Rush Group LLC raised its position in shares of Rio Tinto Group by 10.0% in the 4th quarter. Nemes Rush Group LLC now owns 1,855 shares of the mining company’s stock worth $109,000 after acquiring an additional 169 shares in the last quarter. Rakuten Securities Inc. raised its position in shares of Rio Tinto Group by 74.8% in the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company’s stock worth $29,000 after acquiring an additional 211 shares in the last quarter. Finally, Gallacher Capital Management LLC raised its position in shares of Rio Tinto Group by 4.1% in the 4th quarter. Gallacher Capital Management LLC now owns 5,539 shares of the mining company’s stock worth $326,000 after acquiring an additional 220 shares in the last quarter. 19.33% of the stock is owned by institutional investors and hedge funds.

Rio Tinto Group Price Performance

Shares of NYSE RIO opened at $58.55 on Thursday. Rio Tinto Group has a twelve month low of $51.67 and a twelve month high of $72.08. The company has a quick ratio of 1.16, a current ratio of 1.63 and a debt-to-equity ratio of 0.23. The stock’s 50 day moving average price is $59.22 and its 200-day moving average price is $60.75. The company has a market capitalization of $73.42 billion, a PE ratio of 9.08, a PEG ratio of 0.42 and a beta of 0.73.

Analyst Ratings Changes

A number of analysts recently commented on RIO shares. Barclays reaffirmed an “overweight” rating on shares of Rio Tinto Group in a research report on Wednesday, April 16th. Wall Street Zen lowered Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Morgan Stanley lowered Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, April 9th. Clarkson Capital raised Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto Group in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.