Lazard Asset Management LLC Decreases Stake in Rio Tinto Group (NYSE:RIO)

Lazard Asset Management LLC cut its holdings in Rio Tinto Group (NYSE:RIOGet Rating) by 6.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,981 shares of the mining company’s stock after selling 205 shares during the quarter. Lazard Asset Management LLC’s holdings in Rio Tinto Group were worth $181,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of RIO. Professional Financial Advisors LLC purchased a new stake in Rio Tinto Group during the first quarter worth $26,000. Castle Wealth Management LLC purchased a new stake in Rio Tinto Group during the second quarter worth $26,000. Tortoise Investment Management LLC purchased a new stake in Rio Tinto Group during the second quarter worth $27,000. Larson Financial Group LLC purchased a new stake in shares of Rio Tinto Group in the second quarter valued at $33,000. Finally, Fortitude Advisory Group L.L.C. lifted its position in shares of Rio Tinto Group by 263.4% in the first quarter. Fortitude Advisory Group L.L.C. now owns 585 shares of the mining company’s stock valued at $41,000 after acquiring an additional 424 shares in the last quarter. 10.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft reduced their price objective on Rio Tinto Group from GBX 5,800 ($68.16) to GBX 5,700 ($66.98) in a research report on Wednesday, October 5th. UBS Group reduced their price objective on Rio Tinto Group from GBX 4,400 ($51.70) to GBX 4,300 ($50.53) in a research report on Thursday, July 28th. JPMorgan Chase & Co. reduced their price objective on Rio Tinto Group from GBX 5,580 ($65.57) to GBX 5,450 ($64.04) in a research report on Friday, October 14th. Barclays reduced their price objective on Rio Tinto Group from GBX 4,500 ($52.88) to GBX 4,300 ($50.53) in a research report on Friday, October 21st. Finally, Macquarie downgraded Rio Tinto Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, August 23rd. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4,340.00.

Rio Tinto Group Price Performance

Shares of NYSE:RIO opened at $65.19 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.34 and a current ratio of 1.79. The business has a 50-day moving average of $56.71 and a two-hundred day moving average of $60.77. Rio Tinto Group has a 12 month low of $50.92 and a 12 month high of $84.69.

About Rio Tinto Group

(Get Rating)

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company offers aluminum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and lithium. It also owns and operates open pit and underground mines, mills, refineries, smelters, power stations, and research and service facilities.

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Institutional Ownership by Quarter for Rio Tinto Group (NYSE:RIO)

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