Apollon Wealth Management LLC Sells 9,705 Shares of Rio Tinto PLC $RIO

Apollon Wealth Management LLC lessened its holdings in Rio Tinto PLC (NYSE:RIO) by 69.4% in the third quarter, HoldingsChannel reports. The fund owned 4,284 shares of the mining company’s stock after selling 9,705 shares during the period. Apollon Wealth Management LLC’s holdings in Rio Tinto were worth $283,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of RIO. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Rio Tinto during the 2nd quarter worth approximately $38,000. MTM Investment Management LLC bought a new stake in shares of Rio Tinto in the second quarter valued at approximately $43,000. Hilltop National Bank acquired a new stake in Rio Tinto during the second quarter worth approximately $44,000. Resources Management Corp CT ADV bought a new position in Rio Tinto during the 1st quarter worth $48,000. Finally, Wealth Preservation Advisors LLC acquired a new position in Rio Tinto in the 2nd quarter valued at $53,000. 19.33% of the stock is currently owned by institutional investors and hedge funds.

Rio Tinto Stock Performance

Shares of NYSE RIO opened at $81.41 on Monday. The company’s 50 day moving average price is $73.99 and its 200-day moving average price is $66.62. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. Rio Tinto PLC has a 52-week low of $51.67 and a 52-week high of $82.36.

Analyst Ratings Changes

RIO has been the topic of a number of recent analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 29th. Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, December 29th. Argus boosted their target price on shares of Rio Tinto from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Citigroup reiterated a “hold” rating on shares of Rio Tinto in a research report on Monday, November 17th. Finally, Royal Bank Of Canada reissued a “sector perform” rating on shares of Rio Tinto in a research note on Monday, December 1st. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $79.00.

About Rio Tinto

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.