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

Parsons Capital Management Inc. RI reduced its position in Rio Tinto Group (NYSE:RIO) by 54.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,075 shares of the mining company’s stock after selling 14,550 shares during the period. Parsons Capital Management Inc. RI’s holdings in Rio Tinto Group were worth $725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Dorsey & Whitney Trust CO LLC increased its holdings in Rio Tinto Group by 2.0% in the fourth quarter. Dorsey & Whitney Trust CO LLC now owns 8,113 shares of the mining company’s stock valued at $477,000 after buying an additional 160 shares in the last quarter. Capital Analysts LLC grew its position in shares of Rio Tinto Group by 6.0% during the 4th quarter. Capital Analysts LLC now owns 2,886 shares of the mining company’s stock valued at $170,000 after acquiring an additional 163 shares during the period. Nemes Rush Group LLC increased its stake 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 valued at $109,000 after purchasing an additional 169 shares in the last quarter. Walker Asset Management LLC raised its holdings in Rio Tinto Group by 4.8% in the 1st quarter. Walker Asset Management LLC now owns 4,326 shares of the mining company’s stock worth $260,000 after purchasing an additional 200 shares during the period. Finally, Rakuten Securities Inc. raised its holdings in 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 purchasing an additional 211 shares during the period. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Group Stock Down 1.1%

Shares of RIO opened at $58.84 on Thursday. The stock has a 50 day moving average price of $59.26 and a 200 day moving average price of $60.64. Rio Tinto Group has a one year low of $51.67 and a one year high of $72.08. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.63. The stock has a market capitalization of $73.79 billion, a price-to-earnings ratio of 9.12, a PEG ratio of 0.42 and a beta of 0.68.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Barclays restated an “overweight” rating on shares of Rio Tinto Group in a research report on Wednesday, April 16th. Clarkson Capital raised shares of Rio Tinto Group to a “strong-buy” rating in a report on Friday, February 28th. Morgan Stanley cut shares of Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, April 9th. DZ Bank upgraded shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 27th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Rio Tinto Group in a research note on Tuesday, June 3rd. 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 company. Based on data from MarketBeat.com, the stock presently 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.