Rockland Trust Co. Invests $204,000 in Rio Tinto Group (NYSE:RIO)

Rockland Trust Co. acquired a new stake in shares of Rio Tinto Group (NYSE:RIO) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 3,397 shares of the mining company’s stock, valued at approximately $204,000.

A number of other large investors also recently modified their holdings of RIO. Fisher Asset Management LLC boosted its position in Rio Tinto Group by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 17,604,463 shares of the mining company’s stock valued at $1,035,319,000 after buying an additional 76,368 shares during the period. Franklin Resources Inc. boosted its holdings in Rio Tinto Group by 1.4% during the 4th quarter. Franklin Resources Inc. now owns 5,115,476 shares of the mining company’s stock valued at $300,841,000 after acquiring an additional 70,131 shares during the period. FMR LLC boosted its holdings in Rio Tinto Group by 24.6% during the 4th quarter. FMR LLC now owns 1,721,690 shares of the mining company’s stock valued at $101,253,000 after acquiring an additional 339,924 shares during the period. Northern Trust Corp increased its stake in Rio Tinto Group by 18.9% in the 4th quarter. Northern Trust Corp now owns 1,603,037 shares of the mining company’s stock worth $94,275,000 after purchasing an additional 255,151 shares during the period. Finally, Deutsche Bank AG increased its stake in Rio Tinto Group by 143,872.8% in the 4th quarter. Deutsche Bank AG now owns 1,264,081 shares of the mining company’s stock worth $74,341,000 after purchasing an additional 1,263,203 shares during the period. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RIO has been the topic of several recent analyst reports. Wall Street Zen cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. JPMorgan Chase & Co. started coverage on shares of Rio Tinto Group in a report on Tuesday, March 18th. They issued an “overweight” rating on the stock. DZ Bank raised shares of Rio Tinto Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, March 27th. Jefferies Financial Group reiterated a “hold” rating on shares of Rio Tinto Group in a report on Tuesday, June 3rd. Finally, Morgan Stanley downgraded Rio Tinto Group from an “overweight” rating to an “equal weight” rating in a report on Wednesday, April 9th. Four analysts have rated the stock with a hold rating, five have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.00.

Rio Tinto Group Stock Performance

NYSE:RIO opened at $57.96 on Friday. The stock has a 50-day moving average price of $59.46 and a 200 day moving average price of $60.59. The stock has a market capitalization of $72.68 billion, a P/E ratio of 8.99, a P/E/G ratio of 0.42 and a beta of 0.68. Rio Tinto Group has a 12-month low of $51.67 and a 12-month high of $72.08. The company has a current ratio of 1.63, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23.

Rio Tinto Group Company 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.