Parsec Financial Management Inc. Reduces Stake in Rio Tinto plc ADR (NYSE:RIO)

Parsec Financial Management Inc. reduced its position in Rio Tinto plc ADR (NYSE:RIO) by 3.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 353,323 shares of the mining company’s stock after selling 12,964 shares during the period. Rio Tinto comprises 1.4% of Parsec Financial Management Inc.’s investment portfolio, making the stock its 20th biggest position. Parsec Financial Management Inc.’s holdings in Rio Tinto were worth $22,026,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IFG Advisory LLC acquired a new stake in Rio Tinto during the 1st quarter valued at $219,000. Belpointe Asset Management LLC acquired a new stake in shares of Rio Tinto during the first quarter worth $109,000. Yorktown Management & Research Co Inc boosted its holdings in shares of Rio Tinto by 30.0% during the first quarter. Yorktown Management & Research Co Inc now owns 13,000 shares of the mining company’s stock worth $765,000 after purchasing an additional 3,000 shares during the last quarter. GYL Financial Synergies LLC acquired a new stake in shares of Rio Tinto during the first quarter worth $256,000. Finally, First Bank & Trust acquired a new stake in shares of Rio Tinto during the first quarter worth $29,000. 8.60% of the stock is owned by hedge funds and other institutional investors.

Shares of RIO traded down $0.09 during trading hours on Tuesday, hitting $57.72. The stock had a trading volume of 105,583 shares, compared to its average volume of 2,037,267. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.65 and a current ratio of 1.98. The company has a market capitalization of $73.53 billion, a price-to-earnings ratio of 11.38 and a beta of 0.81. The stock has a fifty day simple moving average of $60.61. Rio Tinto plc ADR has a 12-month low of $44.62 and a 12-month high of $64.02.

Several research firms have recently issued reports on RIO. Credit Suisse Group raised their price objective on Canadian National Railway from $101.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. ValuEngine cut Welbilt from a “hold” rating to a “sell” rating in a report on Friday. Vertical Group upgraded Calavo Growers from a “hold” rating to a “buy” rating and set a $96.00 price objective on the stock in a report on Thursday, April 4th. Vertical Research upgraded Rio Tinto from a “sell” rating to a “hold” rating in a report on Thursday, April 4th. Finally, Renaissance Capital cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Seven equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. Rio Tinto presently has an average rating of “Hold” and an average target price of $61.58.

Rio Tinto Profile

Rio Tinto Group engages in finding, mining, and processing mineral resources worldwide. The company offers aluminium, silver, molybdenum, copper, diamonds, gold, borates, titanium dioxide, salt, iron ore, and uranium. It is also involved in the alumina production; primary aluminium smelting; bauxite mining; alumina refining; and ilmenite mining, as well as provision of gypsum.

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

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