Salem Investment Counselors Inc. Sells 3,105 Shares of Rio Tinto Group (NYSE:RIO)

Salem Investment Counselors Inc. reduced its position in shares of Rio Tinto Group (NYSE:RIO) by 3.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 98,814 shares of the mining company’s stock after selling 3,105 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Rio Tinto Group were worth $5,811,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RIO. Bank of Montreal Can increased its holdings in shares of Rio Tinto Group by 237.0% in the second quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after purchasing an additional 1,738,752 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Rio Tinto Group by 2.9% in the third quarter. Fisher Asset Management LLC now owns 17,528,095 shares of the mining company’s stock valued at $1,247,475,000 after acquiring an additional 485,731 shares in the last quarter. Mediolanum International Funds Ltd bought a new stake in Rio Tinto Group during the third quarter worth about $33,590,000. SPX Gestao de Recursos Ltda lifted its position in Rio Tinto Group by 1,773.2% during the third quarter. SPX Gestao de Recursos Ltda now owns 426,922 shares of the mining company’s stock worth $30,384,000 after purchasing an additional 404,131 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Rio Tinto Group by 78.3% during the second quarter. Dimensional Fund Advisors LP now owns 858,050 shares of the mining company’s stock worth $56,565,000 after purchasing an additional 376,778 shares during the period. 19.33% of the stock is owned by institutional investors.

Rio Tinto Group Price Performance

RIO stock traded up $0.89 during mid-day trading on Monday, reaching $59.73. 1,643,598 shares of the company traded hands, compared to its average volume of 2,883,977. 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 company has a market capitalization of $74.84 billion, a P/E ratio of 8.67, a P/E/G ratio of 0.38 and a beta of 0.66. Rio Tinto Group has a 52-week low of $57.85 and a 52-week high of $74.24. The company has a fifty day moving average price of $61.51 and a 200-day moving average price of $63.74.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. Jefferies Financial Group reduced their price target on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating for the company in a research report on Monday, January 6th. StockNews.com downgraded shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 12th. Finally, Berenberg Bank raised shares of Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Rio Tinto Group currently has a consensus rating of “Moderate Buy” and a consensus 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.