Baird Financial Group Inc. lessened its stake in Rio Tinto plc ADR (NYSE:RIO) by 41.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 67,116 shares of the mining company’s stock after selling 48,340 shares during the quarter. Baird Financial Group Inc.’s holdings in Rio Tinto were worth $3,420,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of RIO. Trust Department MB Financial Bank N A acquired a new position in shares of Rio Tinto in the 3rd quarter valued at about $102,000. Brown Advisory Inc. acquired a new position in shares of Rio Tinto in the 2nd quarter valued at about $201,000. BNP Paribas Arbitrage SA lifted its holdings in shares of Rio Tinto by 26.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,664 shares of the mining company’s stock valued at $259,000 after buying an additional 968 shares during the period. Sustainable Insight Capital Management LLC acquired a new position in shares of Rio Tinto in the 3rd quarter valued at about $259,000. Finally, 180 Wealth Advisors LLC acquired a new position in Rio Tinto in the 2nd quarter worth about $281,000. 7.16% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts recently weighed in on the company. JPMorgan Chase & Co. raised Rio Tinto from a “neutral” rating to an “overweight” rating in a report on Monday, September 10th. BMO Capital Markets reaffirmed a “buy” rating on shares of Rio Tinto in a report on Tuesday, October 16th. ValuEngine cut Rio Tinto from a “hold” rating to a “sell” rating in a report on Monday, October 8th. Investec cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, September 5th. Finally, Zacks Investment Research cut Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, November 21st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. Rio Tinto currently has an average rating of “Hold” and a consensus price target of $58.80.
Shares of Rio Tinto stock opened at $45.97 on Friday. Rio Tinto plc ADR has a 12 month low of $45.25 and a 12 month high of $60.72. The company has a market cap of $61.43 billion, a price-to-earnings ratio of 9.60 and a beta of 0.99. The company has a quick ratio of 1.41, a current ratio of 1.77 and a debt-to-equity ratio of 0.27.
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About Rio Tinto
Rio Tinto plc, a mining and metals company, explores for, develops, produces, and processes minerals and metals worldwide. It finds, mines, and processes mineral resources, including aluminum, copper, diamonds, gold, industrial minerals (borates, titanium dioxide, and salt), iron ore, thermal and metallurgical coal, and uranium, as well as sulphuric acid, rhenium, lead carbonate, and selenium.
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