Corient Private Wealth LLC Trims Stake in Rio Tinto PLC $RIO

Corient Private Wealth LLC cut its stake in shares of Rio Tinto PLC (NYSE:RIO) by 23.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 32,749 shares of the mining company’s stock after selling 9,967 shares during the quarter. Corient Private Wealth LLC’s holdings in Rio Tinto were worth $1,910,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of RIO. Live Oak Investment Partners increased its position in Rio Tinto by 0.8% in the second quarter. Live Oak Investment Partners now owns 19,812 shares of the mining company’s stock worth $1,156,000 after buying an additional 162 shares in the last quarter. AE Wealth Management LLC grew its stake in shares of Rio Tinto by 2.4% during the 2nd quarter. AE Wealth Management LLC now owns 9,613 shares of the mining company’s stock valued at $561,000 after acquiring an additional 223 shares during the period. Grove Bank & Trust increased its holdings in Rio Tinto by 24.5% in the 2nd quarter. Grove Bank & Trust now owns 1,139 shares of the mining company’s stock worth $66,000 after acquiring an additional 224 shares in the last quarter. Kingsview Wealth Management LLC raised its stake in Rio Tinto by 4.3% during the 2nd quarter. Kingsview Wealth Management LLC now owns 5,538 shares of the mining company’s stock worth $323,000 after acquiring an additional 229 shares during the period. Finally, Naviter Wealth LLC raised its stake in Rio Tinto by 1.1% during the 2nd quarter. Naviter Wealth LLC now owns 21,845 shares of the mining company’s stock worth $1,274,000 after acquiring an additional 245 shares during the period. Institutional investors own 19.33% of the company’s stock.

Wall Street Analyst Weigh In

RIO has been the subject of a number of recent analyst reports. Argus upped their price target on shares of Rio Tinto from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Zacks Research downgraded shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 19th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rio Tinto in a research note on Monday. Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a research report on Monday, December 1st. Finally, Citigroup reaffirmed a “hold” rating on shares of Rio Tinto in a research note on Monday, November 17th. Two research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Rio Tinto Price Performance

Shares of Rio Tinto stock opened at $80.90 on Wednesday. The stock has a 50 day moving average of $72.14 and a 200 day moving average of $65.35. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.53 and a quick ratio of 1.03. Rio Tinto PLC has a 12 month low of $51.67 and a 12 month high of $81.17.

Rio Tinto Profile

Rio Tinto is a global mining and metals company that explores for, mines, processes and markets a wide range of commodities. Its principal products include iron ore, aluminum, copper, diamonds and various other minerals and industrial materials. The company’s activities span the full value chain from exploration and project development to mining, processing, smelting and refining, supplying raw materials to industries such as steelmaking, automotive, packaging, electronics and construction.

The origins of Rio Tinto date back to mining operations in the Rio Tinto region of Spain in the 19th century, and the group has since grown into a multinational enterprise.