Parsons Capital Management Inc. RI Has $725,000 Stock Holdings in Rio Tinto Group (NYSE:RIO)

Parsons Capital Management Inc. RI lessened its holdings in Rio Tinto Group (NYSE:RIO - Free Report) by 54.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of RIO. Rakuten Securities Inc. increased its holdings in Rio Tinto Group by 74.8% during the 4th quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock valued at $29,000 after purchasing an additional 211 shares in the last quarter. Mechanics Financial Corp bought a new stake in shares of Rio Tinto Group during the fourth quarter worth $29,000. Golden State Wealth Management LLC acquired a new stake in shares of Rio Tinto Group in the fourth quarter valued at $47,000. Ameriflex Group Inc. acquired a new stake in shares of Rio Tinto Group in the fourth quarter valued at $47,000. Finally, SJS Investment Consulting Inc. raised its holdings in shares of Rio Tinto Group by 577.9% in the first quarter. SJS Investment Consulting Inc. now owns 922 shares of the mining company's stock valued at $55,000 after buying an additional 786 shares during the last quarter. Institutional investors own 19.33% of the company's stock.

Rio Tinto Group Trading Down 0.3%

Shares of Rio Tinto Group stock traded down $0.18 on Thursday, hitting $58.65. 2,393,406 shares of the company's stock traded hands, compared to its average volume of 2,930,565. 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 current ratio of 1.63 and a quick ratio of 1.16. The stock has a market capitalization of $73.55 billion, a PE ratio of 9.09, a price-to-earnings-growth ratio of 0.42 and a beta of 0.68. The firm's 50-day moving average price is $59.26 and its two-hundred day moving average price is $60.64.

Wall Street Analysts Forecast Growth

RIO has been the subject of several research reports. 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. Jefferies Financial Group reissued a "hold" rating on shares of Rio Tinto Group in a report on Tuesday, June 3rd. Wall Street Zen cut shares of Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. JPMorgan Chase & Co. started coverage on Rio Tinto Group in a research report on Tuesday, March 18th. They issued an "overweight" rating on the stock. Finally, Clarkson Capital upgraded Rio Tinto Group to a "strong-buy" rating in a research report on Friday, February 28th. Four analysts have rated the stock with a hold rating, five have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target 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.