CIBC Asset Management Inc Acquires Shares of 9,042 Rio Tinto PLC $RIO

CIBC Asset Management Inc acquired a new stake in Rio Tinto PLC (NYSE:RIO) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,042 shares of the mining company’s stock, valued at approximately $724,000.

A number of other hedge funds have also recently modified their holdings of the company. Wealth Quarterback LLC increased its position in shares of Rio Tinto by 1.8% in the fourth quarter. Wealth Quarterback LLC now owns 6,532 shares of the mining company’s stock valued at $523,000 after acquiring an additional 118 shares during the period. Americana Partners LLC increased its position in shares of Rio Tinto by 0.8% during the fourth quarter. Americana Partners LLC now owns 16,108 shares of the mining company’s stock valued at $1,289,000 after buying an additional 120 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in shares of Rio Tinto by 19.1% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 772 shares of the mining company’s stock valued at $62,000 after buying an additional 124 shares during the period. Bailard Inc. increased its position in shares of Rio Tinto by 1.1% during the fourth quarter. Bailard Inc. now owns 12,306 shares of the mining company’s stock valued at $985,000 after buying an additional 128 shares during the period. Finally, IVC Wealth Advisors LLC increased its position in shares of Rio Tinto by 1.2% during the fourth quarter. IVC Wealth Advisors LLC now owns 10,963 shares of the mining company’s stock valued at $877,000 after buying an additional 129 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on RIO. Citigroup reiterated a “neutral” rating on shares of Rio Tinto in a research report on Tuesday, May 26th. JPMorgan Chase & Co. cut shares of Rio Tinto from an “overweight” rating to a “neutral” rating in a research report on Monday, March 9th. DZ Bank upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating on shares of Rio Tinto in a research report on Friday, May 15th. Finally, Zacks Research cut shares of Rio Tinto from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Rio Tinto currently has a consensus rating of “Hold” and an average price target of $101.75.

Rio Tinto Trading Up 0.3%

NYSE:RIO opened at $101.00 on Tuesday. Rio Tinto PLC has a 1-year low of $55.64 and a 1-year high of $112.58. The company has a current ratio of 1.44, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. The stock has a fifty day simple moving average of $101.25 and a 200 day simple moving average of $91.24.

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.