Modera Wealth Management LLC Cuts Stake in Rio Tinto PLC $RIO

Modera Wealth Management LLC lessened its holdings in Rio Tinto PLC (NYSE:RIO) by 4.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 61,732 shares of the mining company’s stock after selling 2,653 shares during the quarter. Modera Wealth Management LLC’s holdings in Rio Tinto were worth $3,601,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its position in Rio Tinto by 4.1% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,620 shares of the mining company’s stock valued at $502,787,000 after buying an additional 326,661 shares during the period. Auto Owners Insurance Co lifted its stake in shares of Rio Tinto by 77,150.0% in the 1st quarter. Auto Owners Insurance Co now owns 7,416,000 shares of the mining company’s stock valued at $445,553,000 after acquiring an additional 7,406,400 shares during the last quarter. Kingstone Capital Partners Texas LLC bought a new stake in shares of Rio Tinto in the 2nd quarter valued at about $292,770,000. Dimensional Fund Advisors LP boosted its holdings in Rio Tinto by 33.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,938,247 shares of the mining company’s stock valued at $116,510,000 after acquiring an additional 490,357 shares during the period. Finally, Bank of Montreal Can grew its position in Rio Tinto by 71.7% during the 2nd quarter. Bank of Montreal Can now owns 1,855,607 shares of the mining company’s stock worth $108,238,000 after acquiring an additional 774,851 shares during the last quarter. 19.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on RIO shares. Morgan Stanley reiterated an “overweight” rating on shares of Rio Tinto in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rio Tinto in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft lowered shares of Rio Tinto from a “buy” rating to a “hold” rating in a report on Wednesday, July 30th. Finally, Zacks Research raised shares of Rio Tinto from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Three analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $73.00.

Rio Tinto Price Performance

Shares of RIO opened at $69.36 on Friday. 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 one year low of $51.67 and a one year high of $73.76. The company has a 50-day simple moving average of $66.44 and a two-hundred day simple moving average of $62.43.

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.