Private Advisor Group LLC Cuts Holdings in Rio Tinto PLC $RIO

Private Advisor Group LLC lessened its holdings in shares of Rio Tinto PLC (NYSE:RIO) by 22.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,603 shares of the mining company’s stock after selling 9,859 shares during the period. Private Advisor Group LLC’s holdings in Rio Tinto were worth $3,228,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd grew its stake in shares of Rio Tinto by 275.6% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 39,832 shares of the mining company’s stock worth $3,716,000 after purchasing an additional 29,226 shares during the period. Elevation Point Wealth Partners LLC lifted its stake in shares of Rio Tinto by 222.0% in the first quarter. Elevation Point Wealth Partners LLC now owns 16,865 shares of the mining company’s stock valued at $1,588,000 after purchasing an additional 11,628 shares during the period. Sharp Wealth Advisory LLC acquired a new stake in shares of Rio Tinto in the first quarter valued at about $284,000. Keybank National Association OH lifted its stake in shares of Rio Tinto by 30.2% in the first quarter. Keybank National Association OH now owns 46,873 shares of the mining company’s stock valued at $4,373,000 after purchasing an additional 10,859 shares during the period. Finally, Eagle Bluffs Wealth Management LLC boosted its holdings in Rio Tinto by 2.1% during the first quarter. Eagle Bluffs Wealth Management LLC now owns 17,819 shares of the mining company’s stock worth $1,707,000 after buying an additional 359 shares in the last quarter. 19.33% of the stock is currently owned by hedge funds and other institutional investors.

More Rio Tinto News

Here are the key news stories impacting Rio Tinto this week:

• Neutral Sentiment: Jefferies maintained its Hold rating on Rio Tinto, offering no fresh catalyst to change the stock’s direction. Jefferies Sticks to Its Hold Rating for Rio Tinto (RIO)
• Neutral Sentiment: Rio Tinto ended its partnership in Sovereign Metals’ Malawi project after declining an option to become operator, with the company citing a shift in corporate strategy and a review of its iron and titanium business. Rio Tinto concludes partnership in Sovereign’s Malawi project
• Neutral Sentiment: Related coverage says Sovereign Metals will now pursue its Kasiya project more independently and refocus on a US critical minerals strategy after Rio Tinto stepped back, which suggests Rio is narrowing its exposure rather than expanding it. Sovereign Metals plans US strategic minerals pivot for Kasiya project as Rio Tinto passes on project option
• Neutral Sentiment: Rio Tinto also appeared in broader market commentary showing miners under pressure in London trading, which may be adding to weakness in the shares. FTSE 100 Live: Shell and consumer giants make gains, while miners and defence sell off

Analyst Upgrades and Downgrades

Several research analysts have weighed in on RIO shares. Argus set a $120.00 target price on shares of Rio Tinto in a research report on Monday, April 27th. Royal Bank Of Canada downgraded shares of Rio Tinto from a “sector perform” rating to an “underperform” rating in a research report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Rio Tinto in a research note on Friday, May 15th. Sanford C. Bernstein raised their price objective on Rio Tinto from $82.00 to $83.50 and gave the company an “outperform” rating in a research note on Monday, April 27th. Finally, Zacks Research downgraded Rio Tinto from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Rio Tinto currently has a consensus rating of “Hold” and a consensus price target of $101.75.

Rio Tinto Trading Down 2.5%

Shares of RIO opened at $88.97 on Thursday. Rio Tinto PLC has a 12-month low of $58.15 and a 12-month high of $112.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 1.44. The company has a 50-day moving average of $101.64 and a two-hundred day moving average of $94.99.

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.