Kornitzer Capital Management Inc. KS Reduces Holdings in Rio Tinto Group (NYSE:RIO)

Kornitzer Capital Management Inc. KS lessened its holdings in Rio Tinto Group (NYSE:RIO) by 1.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 271,344 shares of the mining company’s stock after selling 2,732 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Rio Tinto Group were worth $19,312,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Bank of Montreal Can lifted its holdings in shares of Rio Tinto Group by 237.0% during the 2nd quarter. Bank of Montreal Can now owns 2,472,471 shares of the mining company’s stock valued at $164,493,000 after acquiring an additional 1,738,752 shares in the last quarter. Earnest Partners LLC boosted its holdings in shares of Rio Tinto Group by 1.4% in the 1st quarter. Earnest Partners LLC now owns 1,395,961 shares of the mining company’s stock valued at $88,979,000 after buying an additional 19,334 shares during the period. National Bank of Canada FI grew its position in shares of Rio Tinto Group by 296.2% during the 1st quarter. National Bank of Canada FI now owns 1,022,765 shares of the mining company’s stock valued at $71,382,000 after buying an additional 764,635 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its stake in Rio Tinto Group by 9.8% during the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 932,151 shares of the mining company’s stock worth $66,341,000 after acquiring an additional 83,569 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Rio Tinto Group by 78.3% in the second quarter. Dimensional Fund Advisors LP now owns 858,050 shares of the mining company’s stock valued at $56,565,000 after acquiring an additional 376,778 shares during the period. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RIO. Berenberg Bank raised Rio Tinto Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Macquarie reissued a “neutral” rating on shares of Rio Tinto Group in a report on Wednesday, October 16th. Royal Bank of Canada upgraded shares of Rio Tinto Group to a “hold” rating in a research report on Wednesday, July 31st. HSBC upgraded Rio Tinto Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 23rd. Finally, StockNews.com raised Rio Tinto Group from a “buy” rating to a “strong-buy” rating in a report on Friday, September 6th. Four investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Rio Tinto Group has an average rating of “Moderate Buy”.

Rio Tinto Group Price Performance

NYSE:RIO traded up $2.64 during mid-day trading on Thursday, reaching $67.97. 871,728 shares of the stock were exchanged, compared to its average volume of 2,728,865. Rio Tinto Group has a 1-year low of $59.35 and a 1-year high of $75.09. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16. The business has a fifty day moving average price of $65.29 and a 200 day moving average price of $66.30.

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.