Rio Tinto Group (NYSE:RIO) Shares Sold by Summit Global Investments

Summit Global Investments lowered its position in shares of Rio Tinto Group (NYSE:RIO - Free Report) by 74.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,528 shares of the mining company's stock after selling 25,127 shares during the quarter. Summit Global Investments' holdings in Rio Tinto Group were worth $512,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rakuten Securities Inc. lifted its position in shares of Rio Tinto Group by 74.8% in the fourth quarter. Rakuten Securities Inc. now owns 493 shares of the mining company's stock valued at $29,000 after acquiring an additional 211 shares in the last quarter. Mechanics Financial Corp bought a new stake in shares of Rio Tinto Group in the fourth quarter worth about $29,000. Golden State Wealth Management LLC bought a new position in Rio Tinto Group during the fourth quarter valued at approximately $47,000. Ameriflex Group Inc. purchased a new stake in shares of Rio Tinto Group during the 4th quarter worth approximately $47,000. Finally, HHM Wealth Advisors LLC bought a new stake in shares of Rio Tinto Group in the 4th quarter worth about $50,000. 19.33% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on RIO shares. Barclays reiterated an "overweight" rating on shares of Rio Tinto Group in a research report on Wednesday, April 16th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Rio Tinto Group in a research report on Tuesday. JPMorgan Chase & Co. began coverage on shares of Rio Tinto Group in a research note on Tuesday, March 18th. They set an "overweight" rating for the company. Morgan Stanley cut Rio Tinto Group from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, April 9th. Finally, Wall Street Zen lowered Rio Tinto Group from a "strong-buy" rating to a "buy" rating in a research report on Monday, April 28th. Four research 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $73.00.

Rio Tinto Group Stock Performance

NYSE:RIO traded down $0.71 during midday trading on Tuesday, hitting $58.87. The company's stock had a trading volume of 4,296,132 shares, compared to its average volume of 2,905,921. Rio Tinto Group has a fifty-two week low of $51.67 and a fifty-two week 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 firm has a market cap of $73.83 billion, a P/E ratio of 9.13, a P/E/G ratio of 0.42 and a beta of 0.73. The firm's 50 day moving average is $59.34 and its 200-day moving average is $60.78.

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.