PNC Financial Services Group Inc. Sells 4,363 Shares of Rio Tinto Group (NYSE:RIO)

PNC Financial Services Group Inc. reduced its holdings in Rio Tinto Group (NYSE:RIO) by 7.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 57,423 shares of the mining company’s stock after selling 4,363 shares during the period. PNC Financial Services Group Inc.’s holdings in Rio Tinto Group were worth $4,276,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its position in Rio Tinto Group by 7.1% in the 4th quarter. Wellington Management Group LLP now owns 24,838,524 shares of the mining company’s stock worth $1,849,476,000 after buying an additional 1,644,751 shares during the period. Fisher Asset Management LLC increased its position in Rio Tinto Group by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 16,045,541 shares of the mining company’s stock worth $1,194,751,000 after buying an additional 475,329 shares during the period. Morgan Stanley increased its position in Rio Tinto Group by 2.7% in the 3rd quarter. Morgan Stanley now owns 4,464,344 shares of the mining company’s stock worth $284,111,000 after buying an additional 118,706 shares during the period. Northern Trust Corp increased its position in Rio Tinto Group by 0.9% in the 3rd quarter. Northern Trust Corp now owns 1,893,222 shares of the mining company’s stock worth $120,485,000 after buying an additional 17,401 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in Rio Tinto Group by 33.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 965,384 shares of the mining company’s stock worth $61,437,000 after buying an additional 242,313 shares during the period. 19.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Citigroup cut Rio Tinto Group from a “buy” rating to a “neutral” rating in a research report on Monday, May 20th. Liberum Capital restated a “hold” rating on shares of Rio Tinto Group in a research report on Tuesday, March 5th. Finally, StockNews.com upgraded Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 21st. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Rio Tinto Group presently has a consensus rating of “Moderate Buy” and an average price target of $72.00.

Rio Tinto Group Price Performance

Shares of NYSE:RIO opened at $66.27 on Wednesday. The business’s fifty day moving average price is $68.82 and its two-hundred day moving average price is $68.28. Rio Tinto Group has a fifty-two week low of $58.27 and a fifty-two week high of $75.09. The company has a current ratio of 1.69, a quick ratio of 1.17 and a debt-to-equity ratio of 0.23.

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.