Kovack Advisors Inc. Reduces Position in Rio Tinto Group (NYSE:RIO)

Kovack Advisors Inc. trimmed its holdings in Rio Tinto Group (NYSE:RIO) by 21.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,934 shares of the mining company’s stock after selling 1,945 shares during the quarter. Kovack Advisors Inc.’s holdings in Rio Tinto Group were worth $494,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of Montreal Can increased its position in shares of Rio Tinto Group by 237.0% during the second quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock worth $164,493,000 after acquiring an additional 1,738,752 shares during the period. Natixis Advisors LLC increased its holdings in Rio Tinto Group by 8.7% during the 2nd quarter. Natixis Advisors LLC now owns 695,731 shares of the mining company’s stock worth $45,870,000 after purchasing an additional 55,967 shares during the period. Philip James Wealth Mangement LLC purchased a new position in Rio Tinto Group during the 3rd quarter worth $1,345,000. First City Capital Management Inc. raised its position in Rio Tinto Group by 118.5% during the 2nd quarter. First City Capital Management Inc. now owns 15,178 shares of the mining company’s stock valued at $1,001,000 after purchasing an additional 8,230 shares in the last quarter. Finally, QRG Capital Management Inc. lifted its holdings in shares of Rio Tinto Group by 38.1% in the 2nd quarter. QRG Capital Management Inc. now owns 95,497 shares of the mining company’s stock worth $6,296,000 after buying an additional 26,329 shares during the period. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RIO has been the topic of a number of recent research reports. 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 research report on Tuesday, July 23rd. Royal Bank of Canada raised shares of Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Finally, Macquarie reaffirmed a “neutral” rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Rio Tinto Group Stock Performance

RIO opened at $60.42 on Friday. The firm’s 50-day moving average price is $65.42 and its 200-day moving average price is $66.15. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.70. Rio Tinto Group has a 52-week low of $59.35 and a 52-week high of $75.09.

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.