Earnest Partners LLC decreased its stake in shares of Rio Tinto plc (NYSE:RIO) by 0.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,281,302 shares of the mining company’s stock after selling 9,317 shares during the quarter. Rio Tinto makes up 1.2% of Earnest Partners LLC’s portfolio, making the stock its 18th largest position. Earnest Partners LLC owned 0.17% of Rio Tinto worth $120,749,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. Zions Bancorporation lifted its holdings in Rio Tinto by 2,992.2% during the 3rd quarter. Zions Bancorporation now owns 2,381 shares of the mining company’s stock valued at $112,000 after buying an additional 2,304 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Rio Tinto by 212.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,187 shares of the mining company’s stock valued at $135,000 after buying an additional 2,166 shares in the last quarter. Boston Private Wealth LLC bought a new stake in shares of Rio Tinto in the 3rd quarter valued at about $207,000. Mackenzie Financial Corp bought a new stake in shares of Rio Tinto in the 4th quarter valued at about $212,000. Finally, Advisor Partners LLC bought a new stake in shares of Rio Tinto in the 4th quarter valued at about $219,000. Institutional investors own 7.20% of the company’s stock.
Rio Tinto plc (NYSE RIO) opened at $52.07 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.40 and a current ratio of 1.71. Rio Tinto plc has a 52 week low of $37.66 and a 52 week high of $59.25.
Rio Tinto declared that its board has approved a stock repurchase program on Wednesday, February 7th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the mining company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
RIO has been the subject of several recent research reports. Zacks Investment Research lowered shares of Rio Tinto from a “hold” rating to a “strong sell” rating in a report on Saturday, February 10th. Bank of America lowered shares of Rio Tinto from a “buy” rating to a “neutral” rating in a report on Tuesday, February 20th. JPMorgan Chase & Co. lowered shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a report on Thursday, December 14th. Cowen restated a “market perform” rating and issued a $61.00 price target (up previously from $54.00) on shares of Rio Tinto in a report on Thursday, January 18th. Finally, Jefferies Group set a $69.00 price target on shares of Rio Tinto and gave the company a “buy” rating in a report on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $59.07.
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Rio Tinto Company Profile
Rio Tinto plc is a mining and metals company. The Company’s business is finding, mining and processing mineral resources. The Company’s segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals and Other Operations. The Company operates an iron ore business, supplying the global seaborne iron ore trade.
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