Pinnacle Associates Ltd. Reduces Holdings in Rio Tinto PLC $RIO

Pinnacle Associates Ltd. lowered its position in shares of Rio Tinto PLC (NYSE:RIO) by 5.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,737 shares of the mining company’s stock after selling 2,481 shares during the period. Pinnacle Associates Ltd.’s holdings in Rio Tinto were worth $2,551,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Wayfinding Financial LLC purchased a new stake in shares of Rio Tinto during the first quarter valued at approximately $30,000. Pandora Wealth Inc. purchased a new stake in shares of Rio Tinto during the first quarter valued at approximately $30,000. Hilltop National Bank purchased a new stake in shares of Rio Tinto during the second quarter valued at approximately $44,000. Resources Management Corp CT ADV purchased a new stake in shares of Rio Tinto during the first quarter valued at approximately $48,000. Finally, Cary Street Partners Investment Advisory LLC raised its stake in shares of Rio Tinto by 65.1% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 852 shares of the mining company’s stock valued at $51,000 after purchasing an additional 336 shares during the period. Hedge funds and other institutional investors own 19.33% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a research note on Wednesday, July 30th. Morgan Stanley restated an “overweight” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $73.00.

Rio Tinto Trading Down 0.4%

Shares of NYSE:RIO opened at $71.88 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.53. The company has a fifty day simple moving average of $65.76 and a 200 day simple moving average of $62.11. Rio Tinto PLC has a 12-month low of $51.67 and a 12-month high of $73.76.

Rio Tinto Company Profile

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.