New York State Common Retirement Fund Takes Position in Rio Tinto PLC $RIO

New York State Common Retirement Fund bought a new position in Rio Tinto PLC (NYSE:RIO) in the 3rd quarter, Holdings Channel reports. The firm bought 51,341 shares of the mining company’s stock, valued at approximately $3,389,000.

A number of other large investors have also recently made changes to their positions in RIO. TD Waterhouse Canada Inc. grew its holdings in Rio Tinto by 7.2% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 36,163 shares of the mining company’s stock valued at $2,403,000 after purchasing an additional 2,422 shares during the last quarter. one8zero8 LLC grew its stake in shares of Rio Tinto by 8.0% during the third quarter. one8zero8 LLC now owns 6,733 shares of the mining company’s stock valued at $444,000 after buying an additional 500 shares during the last quarter. Ballentine Partners LLC grew its stake in shares of Rio Tinto by 7.2% during the third quarter. Ballentine Partners LLC now owns 4,247 shares of the mining company’s stock valued at $280,000 after buying an additional 285 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of Rio Tinto by 29.8% in the third quarter. Valeo Financial Advisors LLC now owns 5,271 shares of the mining company’s stock worth $348,000 after buying an additional 1,210 shares during the period. Finally, Truist Financial Corp lifted its stake in shares of Rio Tinto by 0.7% during the 3rd quarter. Truist Financial Corp now owns 62,887 shares of the mining company’s stock worth $4,151,000 after acquiring an additional 457 shares during the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on RIO. HSBC downgraded Rio Tinto from a “buy” rating to a “hold” rating in a research report on Monday, January 26th. Royal Bank Of Canada restated a “sector perform” rating on shares of Rio Tinto in a report on Thursday, January 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Rio Tinto in a research report on Monday, December 29th. Morgan Stanley downgraded shares of Rio Tinto from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 28th. Finally, Erste Group Bank raised shares of Rio Tinto from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, Rio Tinto has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

Rio Tinto Trading Up 2.5%

Shares of RIO opened at $93.42 on Friday. The company has a 50 day moving average price of $82.93 and a 200-day moving average price of $71.72. Rio Tinto PLC has a fifty-two week low of $51.67 and a fifty-two week high of $98.60. The company has a quick ratio of 1.03, a current ratio of 1.53 and a debt-to-equity ratio of 0.37.

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.